India Post Payments Bank to create country’s banking largest network, With 650 branches

In order to spread the roots of banking till village level, Prime Minister Narendra Modi will launch 650 branches of India Post Payments Bank (IPPB) on the 21st of this month.

MoS for Communications Manoj Sinha informed while interacting with the media on Wednesday. He said the nationwide launch will significantly augment the reach and impact of the banking sector.

He said the IPPB will leverage the vast network of the Department of Posts with 1.55 lakh access points, three lakh postmen, and Grameen Dak Sewaks.

The government will further link all the post office branches with IPPB services by the end of 2018. The move is expected to help in creating the country’s largest banking network with a direct presence at the village level.

The Minister said the IPPB will offer a range of services, including Savings and Currents Accounts, money transfer, Direct Benefits Transfer (DBT) and merchant payments.

Two IPPB branches are said to already be in operation, with 648 branches set to be launched across every district in the country.

The India Post Payments Banks is the third entity to receive a payments bank permit after Bharti Airtel and Paytm. It can accept deposits up to Rs 1 lakh per account from individuals and businesses. The bank has been given the permission to link more than 17 Cr postal savings bank (PSB) accounts with its account.

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