The Union government's aim to ensure financial inclusion for crores of people will get a major boost on Saturday with the inauguration of India Post Payments Bank (IPPB). Prime Minister Narendra Modi is scheduled to inaugurate IPPB at an event which will be held at Talkatora Stadium in New Delhi.
"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 Union Government," an official statement said.
All about India Post Payments Bank:
# PM Modi will simultaneously launch 650 IPPB branches and 3,250 access points from Talkatora Stadium.
# The payments bank, where the Indian government holds 100 per cent equity, will leverage the vast network of the Department of Posts (DoP) that has more than three lakh postmen and Grameen Dak Sewaks.
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.— PMO India (@PMOIndia) September 1, 2018
# The 1.55 lakh post offices in the country will be linked to the IPPB system by December 31, 2018.
# IPPB will, hence, significantly augment the reach of the banking sector in India.
# 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.
# The cabinet had recently approved 80 percent increase in spending for IPPB to Rs 1,435 crore, a move that will arm it with additional ammunition to compete aggressively with existing players like Airtel Payments Bank and Paytm Payments Bank.
(With inputs from PTI)