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India Post Payments Bank today announced that it will start pan-India roll out of its network from April this year. All 1.55 lakh post office branches will operate as access points and 650 payments bank branches will provide them back-end support.
"Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with ability to provide digital payment services at the doorstep with the help of Postmen and Gramin Dak Sewaks (GDS)" the Department of Posts said in a statement.
In 2015, the Reserve Bank of India (RBI) had granted 'in-principle' approval to 11 entities, including the Department of Posts, to set up payments banks. The India Post Payments Bank (IPPB) has been incorporated as a public sector company under the Department of Posts with 100% GOI equity. IPPB launched its pilot services in Raipur and Ranchi in January 2017.What is Payments Bank ?
A payments bank is a differentiated bank and confines its activities to acceptance of demand deposits, remittance services, Internet banking and other specified services. Unlike traditional banks, payments banks are not allowed to give loans or credit to customers. Payments banks can accept deposits of up to Rs 1 lakh per account from individuals and small businesses.
Important Note : IPPB will be the third payments bank to have full fledged operations after Airtel Payments Bank and Paytm.
MD & CEO of India Post Payments Bank - Suresh Sethi
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