India Post’s Payment Bank

India Post’s Payment Bank

A postman now becomes a part time banker.  Do you believe this?  Yes it is true.   An combative plan of INDIA POST PAYMENTS BANK (IPPB), is going to make this true.  IPPB proposes to achieve this by procuring smart phones and biometric devices.

  1. With 100 per cent Government holding, IPPB was formed as a Public Limited Company under Department of Posts on August 17, 2016.
  2. The Bank proposes to procure 1.6 smart phones and 2.7 biometric devices (scanners) to provide services through door step banking.
  3. IPPB advertises APPKA BANK APPKE DWAR (Your Bank at your Door steps)
  4. The Bank is throwing its challenges to its competitors and thus proposes to acquire Deposits from the public, vis-a-vis provide payment services, and distribute in small time financial products like Insurance, Mutual Funds.
  5. In the process of servicing its customers in every Town, Village and District, the bank proposes to initally launch the services at 3,250 access points and leverage its foot prints at over 1.55 lakh post offices across the country.
  6. IPPB branches will be fully linked to the total post offices numbering 1.55 lakh in the country, thereby meaning that each post office will function both as a Postal Sector and also as a Bank.
  7. April 2018 will be period from which a PAN INDIA roll out of 650 branches will be taken up and also would be leveraging postal department ATMs which are already connected with ATM net work of other banks. Postal Department currently has 995 ATMs.
  8. Postal Department officials confirm that mobility of Indian population both within and outside the country has led to a seamless changes in the communication services and the reaching of communication from one point to another is now at a real time.
  9. Also the department has started working on its strategies and plans for improved features in the areas of
    1. Transferability
    2. Reliability and
    3. Speed
  10. Around 3 lakh postal employees are being engaged in this job across the country.

Note: A Pilot Branch of IPPB has been launched each at Raipur and Ranchi.

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