India Post Payments Bank
|Fate||Owned By Government Of India.|
|Founded||1 September 2018|
|Owner||Government of India|
Number of employees
India Post Payments Bank (IPPB) is a 100% government owned Public Sector Bank, operating with the Department of Posts under 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..Till 4th January 2020 the bank have acquired about 1.5 crore customers all over India.
IPPB would be like any other bank but it will operate at a smaller scale without involving any credit risks and 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.
- "IPPB appoints Suresh Sethi as its MD & CEO". Press Information Bureau. Government of India.
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- "India Post Payments Bank launched: Some important facts about IPPB | Latest News & Updates at DNAIndia.com". dna. Retrieved 5 September 2018.
- Sharma, Devansh (20 August 2018). "Your friendly neighbourhood postman is about to become a banker". The Economic Times. Retrieved 5 September 2018.
- Sengupta, Devina; Singh, Karunjit (31 August 2018). "Government expects India post payments bank to be profitable after 2 years: Communications minister Manoj Sinha". The Economic Times. Retrieved 5 September 2018.
- Agarwal, Nikhil (4 September 2018). "India Post Payments Bank replaces ATM/debit cards with QR cards. How to use them". Livemint. Retrieved 5 September 2018.
- Press Information Bureau. "Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank". pib.nic.in. Retrieved 5 September 2018.
- Gupta, Komal (3 September 2018). "Explained: India Post Payments Bank, in 5 points". Livemint. Retrieved 5 September 2018.
- "India Post Payments Bank will deliver banking services to every Indian's doorstep, says PM Modi". www.businesstoday.in. Retrieved 27 September 2018.
- Livemint (31 August 2018). "India Post Payments Bank launched: 10 things to know". Mint. Retrieved 27 September 2018.