On 1st.September’18 Prime Minister inaugurated India Post Payments Bank. The IPPB is a public sector company operated by the department of posts and Ministry of Communication. The aim is to utilize all of India’s 155,015 post offices as access points. The plan is to provide convenient banking door to door facilities.
Suresh Sethi is the managing director and chief executive of IPPB. There are approximately 1.55 lakh post offices in India and each one of them will be linked with IPPB system by the end of Dec’2018. In the first phase, 650 branches and 3250 PO as access point were inaugurated already.
IPPB is coming up with uncountable products & services that will be similar to banking products. Considering the ease of customers India Post Payments Bank has included a range of services. It holds products like saving & current account, bill & utility payment, merchant & enterprise Payment. Other facilities include money transfer, loans & insurances with the help of third parties. These products services will be offered across multiple channels using bank technology.
It has already tied up with Bajaj Allianz, PNB and Metlife to sell insurance products & there will be more financial service partnerships. There will be QR code instead of ATM, used for doing transactions.
Open a regular saving account in IPPB. Individual above 10yesrs of age with valid KYC are eligible to operate saving account in IPPB. It can be open with zero balance and there is no monthly average balance maintenance limitation. Those who don’t have linked PO saving account they are restricted to do a transaction of Rs.1 lakh per day. Above this, request for a transaction on the same day will not be acceptable.