A total of 1.55 lakh post offices across India will be linked with the yet-to-be-launched India Post Payments Bank (IPPB) by December 31, 2018 to provide all banking services to account holders of the bank.
The Central Government initiated the India Post Payments Bank (IPPB) in a bid to make payment banking services available and accessible to every citizen of India and focusing on the remote and rural regions. Progressing in the mission, Communications Minister Manoj Sinha announced on Wednesday that the IPBP banking system will be launched on September 1. It has been notified that as many as 650 branches and 3,250 access points spread across the country will be functional from the launch day.
After which, a total of 1.55 lakh Indian Post offices all over India will be linked to the India Post Payments Bank (IPPB) system by December 31, 2018 and will commence service providing to all. Of the 1.55 lakh offices, 1.30 lakh branches would be in rural areas to make banking services accessible to the remote areas of India. Basic banking services like bank account management, remittances, money transfer, direct benefit transfer, enterprise and merchant payment will be provided in all IPPBs. Also, other exclusive services like counter services, micro ATM, mobile banking applications, SMS and IVR (Interactive Voice Response) will be available.
Getting yourself an account in IPPB would be as easy as visiting any Indian Post Office and applying for it. All account holders of IPPB will be facilitated with a QR card, and they can authorise transactions with the card and their biometrics to avail bank services. This is the government’s first payments bank service that is expected to be extensively used as an option to private payment banks like Airtel Payments Bank, Paytm Payments Bank and others.