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Prime Minister Says India Post Payments Bank will deliver banking services in Your doorstep

Prime Minister Says India Post Payments Bank will deliver banking services in Your doorstep

India’s Prime Minister Narendra Modi launched the Post Payment Bank on Saturday. As a developing nation, India has to overcome lots of crisis. Currently, lots of Rural areas are here in India and many people living in Rural area. India Post Payment Bank focuses on providing banking and financial services to people in these areas, to develop the reach of 1.55 lakh post office branches. And the postmen provide doorstep banking services for both rural and urban areas.


India Post Payments Bank is a public sector company under the Department of Posts, Ministry of Communication, with 100% equity owned by Government of India. The IPPB will have 650 branches (One in almost every Districts) and 3,250 access points across in India. Like other payment Banks, India Post Payments Bank offers the banking services like ATM and debit cards, net banking, mobile banking, Phone Banking(IVR/Call center), SMS Banking, Missed Call Banking and more over Post Office Counters. And it also accepts deposits of up to Rs 1 lakh, mobile payments, transfers or purchases. IPPB offering 4% interest rate on savings accounts.

Prime Minister Modi said in the event held at Talkatora Stadium, ” India Post Payments Bank is going to bring a huge change in the country’s economic, social situation and will reach to every nook and corner of the country. This payments bank will revolutionize banking and digital payments.”

“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 in a Government statement.

IPPB will use Aadhaar for opening bank accounts, so the QR card and Aadhaar biometrics using for authentication, transactions, and payments purposes. More than thousands of postmen are allocated for doorstep banking services and they will have smartphones and biometric devices to handle transactions. Also IPPB offering 24×7 multilingual customer support.

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Updated: September 4, 2018 — 6:17 am

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