Updated By: LatestGKGS Desk
PM Narendra Modi launches India Post Payments Bank: Details, Features, Highlights
PM Narendra Modi launches India Post Payments Bank: Details, Features, Objectives, Highlights
Prime Minister of India, Narendra Modi on 1st September 2018 launched the India Post Payment Bank (IPPB) at Talkatora Stadium in New Delhi.
The India Post Payments Bank (IPPB) initiative aims to strengthen the expansive network of the postal department to ensure financial inclusion for the masses. Also, simultaneous launch events were held for the IPPBs at 650 branches and 3,250 access points.
IPPBs main objective is to build the most accessible, affordable and trusted bank for the common man, spearhead the financial inclusion agenda by removing the barriers for the unbanked and reduce the opportunity cost for the under banked populace through assisted doorstep banking.
IPPBs will also help significantly in expanding the reach of the banking sector in India. All the 1.55 lakh post offices in the country will be linked to the IPPB system by 31st December 2018.
IPPBs 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
