India Post Payments Bank to enable Digital Payments in Post Offices by April 2018
IPPB plans to leverage the unparalleled reach of the India Post network to achieve a Pan India roll out of 650 branches by 2018.
The India Post Payments Bank (IPPB) on February 10, 2018 announced that it will enable Digital Payments in Post Offices by April 2018, as scheduled earlier.
The announcement came after some sections of the media reported revision in timelines of the India Post Payments Bank Expansion Programme.
• Once the proposed India Post Payments Bank Expansion Programme is accomplished, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural surroundings.
• It will provide digital payment services at the doorstep with the help of Postmen and Gramin Dak Sewaks (GDS).
• IPPB will also enable more than 17 crore active account-holders of Post Office Savings Bank to make digital payments including the benefit of NEFT, RTGS, UPI and bill payment services.
• It will also enable acceptance of digital payments across post offices in the country in line with the digital payments initiative of the Union Government.
• The India Post Payments Bank was incorporated on August 17, 2016 under Companies Act, 2013 as a public limited company with 100 per cent Government of India equity under Department of Posts.
• IPPB launched its branches in Ranchi and Raipur on January 30, 2017 and proposes to open total of 650 branches with the objective of being present in all corners of India.
• For now, IPPB is offering Savings account up to a balance of Rs 1 Lakh, along with digitally enabled payments and remittance services of all kinds between individuals.
• In due course, IPPB will also provide current accounts and access to third party financial services like insurance, mutual funds, pension, credit products, forex, and more.
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