Prime Minister Narendra Modi launched the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi on Saturday, 1 September 2018.
In a press release, the government said, "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 Union 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."
IPPB is aimed at improving financial literacy in the remotest corners of our country. On the day of the launch, it will have 650 Branches and 3250 Access Points spread across the country. Simultaneous launch events will be held at these branches and access points.
All the 1.55 lakh Post Offices in the country will be linked to the IPPB system by December 31, 2018. The government aims to have at least one IPPB in every district in India.
IPPB will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. These products and related services will be offered across multiple channels (counter services, micro-ATM, mobile banking app, SMS, and IVR), using the bank's state-of-the-art technology platform.
The competitive feature of the payments bank over others will be its doorstep banking feature that it will provide its customers with the help of over three lakh postmen along with direct benefit transfer.
It is the fifth entity after Airtel Payments Bank, Aditya Birla Idea Payments Bank, Fino Payments Bank, and Paytm Payments Bank to launch payments bank services in RBI.