India Post Payment Bank or IPPB aims to give every Indian access to efficient banking services.
The bank is incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity. IPPB has launched on January 30th, 2017. By the end of 2017, the IPPB is planning to ensure it's presence in every corner of the country.
IPPB offers 3 distinct accounts they are
- Regular Account - Safal
- Basic Savings Bank Deposit Account (BSBDA) - Sugam
- BSBDA Small - Saral
Services IPPB offering
Banking at the doorsteps is the main aim of IPPB, as it aims the rural and semi-rural people. Doorstep banking allows a customer for a nominal fee to request and avails banking and related services at their door. The services currently offered are as follows:
- Cash deposit
- Cash withdrawal
- Balance enquiry
- Aadhaar to Aadhaar funds transfer
- Direct Benefit Transfer (DBT)
What is Direct Benefit Transfer (DBT)?
DBT program aims to transfer subsidies directly to the people through their bank accounts. Funds will be automatically credited to the beneficiary accounts through NACH/APBS instead of cash disbursal.