India Post Payments Bank

India Post Payments Bank LTD
Public limited company
Industry Financial services
Founded 1 September 2018 (2018-09-01)
Headquarters New Delhi, India
Area served
 India
Key people
  • Anant Narayan Nanda
    (Secretary, Department of Post)
  • Suresh Sethi[1]
    (MD & CEO)
Products Banking
Parent India Post
Website ippbonline.com

India Post Payments Bank (IPPB) is a Government of India owned payments bank[2] operating under the Department of Posts, Ministry of Communication, which aims to utilize all of India's 155,015 post offices as access points and 300,000 postal service workers to provide house to house banking services.[3][4] The first phase of the bank with 650 branches and 3250 post offices as access points was inaugurated on 1 September 2018.[5] Over ten thousand postmen have been roped into the first phase.[6][7] .

History

On 19 August 2015 India Post got licence to run a payments bank from Reserve Bank of India. On 17 August 2016 it was registered as a public limited government company for setting up a payments bank. The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi.[3] The first phase nationwide inauguration happened on September 1, 2018.[8] In August 2018 the Union Cabinet approved a cost of ₹1435 crore (~ $200 million) for setting up the bank.[9]

Services

India Post Payments Banks offers savings accounts, money transfer and insurances through third parties, bill and utility payments. The Bank will reach to rural and far-flung areas of the country, delivering banking services to the doorstep of every Indian[10][11] [12]

India Post Payments Bank has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts. [13] The government aims to link all the 1.55 lakh post offices to the IPP Bank system by 31 December, 2018.

See also

References

  1. ↑ "IPPB appoints Suresh Sethi as its MD & CEO". Press Information Bureau. Government of India.
  2. ↑ Saleem, Shaikh Zoaib (2018-09-05). "How payments banks are different from regular banks". Livemint. Retrieved 2018-09-05.
  3. 1 2 "About IPPB - IPPB". ippbonline.com. Retrieved 2018-09-05.
  4. ↑ "All you want to know about...India Post Payment Bank". @businessline. Retrieved 2018-09-05.
  5. ↑ "India Post Payments Bank launched: Some important facts about IPPB | Latest News & Updates at DNAIndia.com". dna. Retrieved 2018-09-05.
  6. ↑ Sharma, Devansh (2018-08-20). "Your friendly neighbourhood postman is about to become a banker". The Economic Times. Retrieved 2018-09-05.
  7. ↑ Sengupta, Devina; Singh, Karunjit (2018-08-31). "Government expects India post payments bank to be profitable after 2 years: Communications minister Manoj Sinha". The Economic Times. Retrieved 2018-09-05.
  8. ↑ Agarwal, Nikhil (2018-09-04). "India Post Payments Bank replaces ATM/debit cards with QR cards. How to use them". Livemint. Retrieved 2018-09-05.
  9. ↑ Press Information Bureau. "Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank". pib.nic.in. Retrieved 2018-09-05.
  10. ↑ "About IPPB - IPPB". ippbonline.com. Retrieved 2018-09-05.
  11. ↑ Gupta, Komal (2018-09-03). "Explained: India Post Payments Bank, in 5 points". Livemint. Retrieved 2018-09-05.
  12. ↑ "India Post Payments Bank will deliver banking services to every Indian's doorstep, says PM Modi". www.businesstoday.in. Retrieved 2018-09-27.
  13. ↑ Livemint (2018-08-31). "India Post Payments Bank launched: 10 things to know". https://www.livemint.com/. Retrieved 2018-09-27. External link in |work= (help)
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