India Post Payments Bank
|Type||Subsidiary of Indian Post|
|Founded||1 September 2018|
|Owner||Indian Post (100%)|
India Post Payments Bank (IPPB) is a wholly owned subsidiary of Indian Post and a payments bank from India operated by the India Post. Opened in 2018, the bank had acquired about 4.0 crore customers by December 2020.
On 19 August 2015, the India Post received licence to run a payments bank from the Reserve Bank of India. On 17 August 2016, it was registered as a public limited government company for setting up a payments bank. IPPB is operating with the Department of Posts under Ministry of Communications.
The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi. In August 2018, the Union Cabinet approved a cost of ₹1,435 crore (US$200 million) for setting up the bank. The first phase of the bank with 650 branches and 3,250 post offices as access points was inaugurated on 1 September 2018. Over ten thousand postmen have been roped into the first phase. By September 2020, the bank had acquired about 3.5 crore customers.
- Account: The bank offers savings and current accounts up to a balance of ₹1 Lakh.
- 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
IPPB has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts.
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