India Post Payments Bank
|Public limited company|
|Founded||1 September 2018|
India Post Payments Bank (IPPB) is a Government of India owned payments bank operating under the Department of Posts, Ministry of Communications, which aims to utilize all of India's 155,015 post offices as access points and 3 lakh postal postmen and Grameen Dak Sewaks to provide house to house banking services. The first phase of the bank with 650 branches and 3250 post offices as access points was inaugurated on 1 September 2018. Over ten thousand postmen have been roped into the first phase.
IPPB would be like any other bank but it will operate at a smaller scale without involving any credit risks but can't issue advance loans or issue credit cards .
On 19 August 2015 India Post got licence to run a payments bank from Reserve Bank of India. On 17 August 2016 it was registered as a public limited government company for setting up a payments bank. The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi. The first phase nationwide inauguration happened on September 1, 2018. In August 2018 the Union Cabinet approved a cost of ₹1435 crore (~ $200 million) for setting up the bank.
India Post Payments Banks offers savings accounts, money transfer and insurances through the third parties, bill and utility payments. The Bank will reach to rural and far-flung areas of the country, delivering banking services to the doorstep of every Indian
- Account: The bank offers savings and current accounts up to a balance of Rs 1 Lac.
- QR Card: Customers can use QR code payments eliminating the need to remember account numbers, PINs and passwords.
- Unified Payments Interface
- Immediate Payment Service
- National Electronic Funds Transfer
- Real-time gross settlement
- Bharat BillPay
- Direct Benefit Transfer
India Post Payments Bank has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts. The government aims to link all the 1.55 lakh post offices to the IPP Bank system by 31 December 2018.
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