The customers will now have access to additional banking services of the payments bank.Deposits up to Rs. 1 lakh can be accepted by payments banks.All the 1.55 lakh Post Offices in the country will be linked to the IPPB system by December 31.
NEW DELHI: PM Modi will launch India Post Payments Bank or IPPB the largest payments bank in the country by network size in New Delhi today.
PM Modi is scheduled to inaugurate IPPB at an event which will be held at Talkatora Stadium in New Delhi.The IPPB will have 650 branches, 3,250 access points and 11,000 micro-ATMs at launch.
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.
17 crore postal savings bank (PSB) accounts will be linked with India Post Payments Bank accounts, giving an edge over private players who have had to spend a lot to acquire customers.
It covers every corner of the country with more than 300,000 postmen and Grameen Dak Sewaks.All the 155,000 post offices across the country will be linked to the IPPB system by December 31, 2018, said the statement.
The new payments bank will offer a range of products such as savings and current accounts, remittances and money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments.
