Prime Minister launches India Post Payments Bank as the country’s largest banking network.
1st September, 2018Category: National
Aimed at expanding the country’s banking services to remote areas, Prime Minister Narendra Modi launched the India Post Payments Bank (IPPB). Total outlay for the project is over Rs 1400 crore. The IPPB will have 650 branches, 3,250 access points and 11,000 micro-ATMs at launch. By December 31, it will open 155,000 access points across the country, of which 130,000 will be in rural areas. Around 11,000 postmen both in rural and urban areas will provide doorstep banking services. This will create the country’s largest banking network with a direct presence at the village level.
The India Post Payments Bank (IPPB) is a public sector company under the department of posts and ministry of communication with a 100 per cent equity of the government of India, and governed by the Reserve Bank of India (RBI). It will focus on providing banking and financial services to people in rural areas, by linking all the 1.55 lakh post office branches (that’s nearly 2.5 times the bank network). Suresh Sethi is the managing director and chief executive officer of IPPB. India Post Payments Bank (IPPB) will operate on a smaller scale without the involvement of any credit risk.
Read More: The Indian Express, The Hindu, The Times of India, First Post