Prime Minister Narendra Modi to Launch India Post Payments Bank Today

Further, all the 1.55 lakh post offices in the country will be linked to the IPPB system by December 31, 2018.

New Delhi: Prime Minister Narendra Modi on Saturday will launch India Post Payments Bank (IPPB) at Talkatora Stadium, which will take care of speedy financial inclusion for people across the country with the leverage of a vast network of the postal department.

According to a government statement, the IPPB will have 650 branches and 3,250 access points all over the country. “IPPB has been envisioned as an accessible, affordable and trusted bank for the common man, to help speedily achieve the financial inclusion objectives of the Central government. It will leverage the vast network of the department of posts, which covers every corner of the country with more than 300,000 postmen and Grameen Dak Sewaks. IPPB will hence significantly augment the reach of the banking sector in India,” said the statement.

Further, all the 1.55 lakh post offices in the country will be linked to the IPPB system by December 31, 2018.

“The IPPB will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. These products and related services will be offered across multiple channels (counter services, micro-ATM, mobile banking app, SMS and IVR), using the bank’s state-of-the-art technology platform,” said the statement.