PM Narendra Modi launches Post Payments bank today
In another step towards financial development, the Department of Post under the Ministry of Communication launched Post payments bank on September 1. The bank was inaugurated by Prime Minister Narendra Modi at Talkatora Stadium in New Delhi. Under the plan, India Post Payments Bank (IPPB) will operate through 650 branches and 3250 access points across the country. It will focus on providing banking services primarily in rural areas by leveraging the reach of 1.55 lakh post office branches by the end of this year. “On the day of the launch, IPPB will have 650 branches and 3,250 access points spread across the country,” the government said in a statement.
Things to know about IPPB:
- IPPB has been set up under the department of posts, Ministry of Communication
- Its 100% equity is owned by government of India
- On 30 January 2017, it started operations through two pilot branches in Raipur and Ranchi.
- The bank will offer 4% interest on saving accounts
- It will accept deposits of up to Rs.1 lakh per account from individuals and small businesses
- Customers will be offered numerous banking and financial services like money transfer, direct benefit transfers, savings and current accounts, merchant payments, and bill payments.
- India Post Payments Bank will operate through a vast network of the department of posts with more than 3,00,000 postmen and grameen dak sewaks.