India Post Payments Bank-April Rollout

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Source: The Financial Express

“Incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity, IPPB has launched on January 30th, 2017 in Ranchi and Raipur with the objective of being present in all corners of India by the end of the year. 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.”- India Post

“India Post Payments Bank (IPPB) Expansion Programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018. No decision has been taken to revise the timelines as reported in some sections of the media,” the government said in statement.

“Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with ability to provide digital payment services at the doorstep with the help of Postmen and Gramin Dak Sewaks (GDS),” the statement added.

The nation-wide rollout of IPPB from April will be one of the biggest moves towards promoting interoperability in digital payments. More than 17 crore active account holders with India Post (savings account) will be able to make interoperable digital payments including NEFT, RTGS, UPI and bill payments.

IPPB will be the third payments bank to have full fledged operations after Airtel Payments Bank and Paytm. -Economic Times

Author | Akanksha Goel