New Delhi: The wait for the India Post Payments Bank (IPPB) would get over tomorrow. Prime Minister Narendra Modi will be launching the IPPB with the motive to leverage the expansive network of the postal department to ensure financial inclusion for the masses.
According to the official statement, the launch is scheduled to be held at Talkatora Stadium in the capital. The event will also mark the launch at 650 branches and 3,250 access points simultaneously which will go live tomorrow itself.
The statement read, “The vision behind the Post Payments Bank is to provide the common man with an accessible, affordable and trusted bank. This would play an important role in achieving the objective of financial inclusion of the Government.”
The government will be able to take advantage of the huge network of Department of Post (DoP) which has more than three lakh postmen and Grameen Dak Sewaks through Post Payments Bank where it holds 100 per cent equity.
The official statement also revealed that by end of this year i.e. December 31, 2018, all the post offices, which are around 1.55 lakh, of the country will be linked to the IPPB system thus boosting the penetration of the banking sector in India.
The services will be offered by IPPB will range from 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.
Earlier this week, the cabinet had approved 80 per cent increase in spending for IPPB to Rs 1,435 crore, a move that will arm it with additional ammunition to compete aggressively with existing players like Airtel Payments Bank and Paytm Payments Bank.
The revised cost estimate was on account of costs related to technology (Rs 400 crore) and human resource expenses (Rs 235 crore), a statement had said.
The launch of India Post Payments Bank was shifted earlier due to the demise of former Prime Minister Atal Bihari Bajpayee. It was scheduled for August 21, 2018.