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The India Post Payment Bank), a basic financial services facility, was launched simultaneously in Raipur and Ranchi as a pilot over a video conference by Union Finance Minister Arun Jaitely in presence of Telecom Minister Manoj Sinha with plans to scale it up to 650 branches by the end of September. IPPB received a licence from the Reserve Bank of India (RBI) on 20 January. IPPB is the second payments bank to start operations after Airtel Payments Bank, which launched on 12 January.
Payments banks accept limited deposits (upto ₹1 lakh per account) and offer payment services but do not offer loans, unlike commercial banks. The bank will offer an interest rate of 4.5% on deposits up to ₹25,000; 5% on deposits of ₹25,000-50,000 and 5.5% on ₹50,000-1,00,000. The paid up equity of the new bank is ₹800 crore, of which the government has already infused ₹275 crore. 1,000 ATMs of India Post will be transferred to IPPB.A third entity, Paytm, has also been given a payments bank licence by RBI, and is expected to launch soon.
MD & CEO of IPPB : A. P. Singh
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