India Post Payments Bank

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India Post Payments Bank LTD
Public limited company
IndustryFinancial services
Founded1 September 2018; 7 months ago (2018-09-01)
Headquarters,
Area served
India
Key people
  • Anant Narayan Nanda
    (Secretary, Department of Post)
  • Suresh Sethi[1]
    (MD & CEO)
ProductsBanking
ParentIndia Post
Websiteippbonline.com

India Post Payments Bank (IPPB) is a Government of India owned payments bank[2] 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.[3][4] The first phase of the bank with 650 branches and 3250 post offices as access points was inaugurated on 1 September 2018.[5] Over ten thousand postmen have been roped into the first phase.[6][7]

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 .


The Prime Minister of India, Narendra Modi, at the launch of the India Post Payments Bank, in New Delhi on September 01, 2018. The Minister of State for Communications (I/C) Manoj Sinha, the Secretary (Post), Ananta Narayan Nanda and IPPB CEO and MD Suresh Sethi are also seen.

History[edit]

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.[3] The first phase nationwide inauguration happened on September 1, 2018.[8] In August 2018 the Union Cabinet approved a cost of 1435 crore (~ $200 million) for setting up the bank.[9]

Services[edit]

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[3][10][11]

India Post Payments Bank has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts.[12] The government aims to link all the 1.55 lakh post offices to the IPP Bank system by 31 December 2018.

See also[edit]

References[edit]

  1. ^ "IPPB appoints Suresh Sethi as its MD & CEO". Press Information Bureau. Government of India.
  2. ^ Saleem, Shaikh Zoaib (2018-09-05). "How payments banks are different from regular banks". Livemint. Retrieved 2018-09-05.
  3. ^ a b c "About IPPB - IPPB". ippbonline.com. Retrieved 2018-09-05.
  4. ^ "All you want to know about...India Post Payment Bank". @businessline. Retrieved 2018-09-05.
  5. ^ "India Post Payments Bank launched: Some important facts about IPPB | Latest News & Updates at DNAIndia.com". dna. Retrieved 2018-09-05.
  6. ^ Sharma, Devansh (2018-08-20). "Your friendly neighbourhood postman is about to become a banker". The Economic Times. Retrieved 2018-09-05.
  7. ^ Sengupta, Devina; Singh, Karunjit (2018-08-31). "Government expects India post payments bank to be profitable after 2 years: Communications minister Manoj Sinha". The Economic Times. Retrieved 2018-09-05.
  8. ^ Agarwal, Nikhil (2018-09-04). "India Post Payments Bank replaces ATM/debit cards with QR cards. How to use them". Livemint. Retrieved 2018-09-05.
  9. ^ Press Information Bureau. "Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank". pib.nic.in. Retrieved 2018-09-05.
  10. ^ Gupta, Komal (2018-09-03). "Explained: India Post Payments Bank, in 5 points". Livemint. Retrieved 2018-09-05.
  11. ^ "India Post Payments Bank will deliver banking services to every Indian's doorstep, says PM Modi". www.businesstoday.in. Retrieved 2018-09-27.
  12. ^ Livemint (2018-08-31). "India Post Payments Bank launched: 10 things to know". Mint. Retrieved 2018-09-27.

External links[edit]