Showing posts with label IPPB. Show all posts
Showing posts with label IPPB. Show all posts
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PM Modi to launch India Post Payments Bank (IPPB) on September 1
Prime Minister Narendra Modi on September 1 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.
Prime Minister Narendra Modi was to launch IPPB on August 21. IPPB will leverage reach of 1.55 lakh post office branches to provide banking and financial service to people in rural areas. (PTI)
Prime Minister Narendra Modi on September 1 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said. “The launch of India Post Payments Bank has been rescheduled for September 1. The Prime Minister will launch,” a senior government official told PTI. The launch of India Post Payments Bank (IPPB) was recently rescheduled in the wake of seven-day national mourning declared after the demise of former Prime Minister Atal Bihari Vajpayee.
Prime Minister Narendra Modi was to launch IPPB on August 21. IPPB will leverage reach of 1.55 lakh post office branches to provide banking and financial service to people in rural areas. “Government is trying to link all the 1.55 lakh post office branches with IPPB services by the end of this year,” the official said. This will create the country’s largest banking network with direct presence at village level.
IPPB CEO Suresh Sethi had earlier said that IPPB will go live with 650 branches in addition to 3,250 access points co-located at post offices and around 11,000 postmen both in rural and urban areas will provide doorstep banking services. IPPB has permission to link around 17-crore postal savings bank (PSB) accounts with its account.
With IPPB in place, people in rural area will be able to avail digital banking and financial services, including money transfer, to any bank account either with help of mobile app or by visiting a post office. IPPB was the third entity to receive payments bank permit after Airtel and Paytm.
Payments banks can accept deposits of up to Rs 1 lakh per account from individuals and small businesses. The postal payment bank has permit to carry RTGS, NEFT, IMPS transaction that will enable IPPB customers to transfer and receive money from any bank account. With the third party tie-ups, account holders in IPPB will be able to avail financial services as in case of a regular banking customer. The payment bank will be used by government to distribute NREGA wages, subsidies, pension etc.
The IPPB app which is expected to be launched on same day will enable customers to pay for services of around 100 firms including phone recharges and bill, electricity bill, DTH service, college fees etc that are present on Bharat Bill payments system of National Payments Corporation of India.
Monday, 30 April 2018
650 India Post Payments Bank branches to start by May: Manoj Sinha
India Post had received permission from the RBI to start a payments bank in January last year, following which it set up two branches, on a pilot basis, in Raipur and Ranchi
Union Minister of State for Communications Manoj Sinha on Sunday said that as many as 650 branches of the India Post payments bank are likely to be operational across the country by next month.
He said that the work of system integration of the payments bank had been completed and processes mandated by the Reserve Bank of India would be completed within one week.
"It is likely that 650 branches of the India Post payments bank would start functioning from May," he said at a press conference.
The minister said that the launch of the postal department's payments bank would enable more than 1.5 lakh post offices to become access points for people to avail banking services, adding that it would help the government's plans of financial inclusion and direct transfer of benefits in remote areas.
India Post had received permission from the RBI to start a payments bank in January last year, following which it set up two branches, on a pilot basis, in Raipur and Ranchi.
He said that a new regional office of the postal department would be opened in Jabalpur in the state.
He said that India Post had been adopting new technology in a bid to provide services at a faster pace and, as part of it, postmen were being provided with smart phones and hand held devices.
"So far, 15,000 such devices have been distributed to postmen in the country. Soon 40,000 postal workers will have such devices. This would enable faster delivery of all kinds of services," he said.
Admitting that India Post's parcel services were lagging behind due to the presence of private players, he said that a Parcel Directorate had been formed in the postal department to give a boost to this segment.
He expressed hope that the postal department would soon be self-reliant as far as revenue was concerned.
Speaking about milestones achieved by his department in the past one year, Sinha said, "A total of 62,000 out of 1.29 lakh post offices were networked under the Digital Advancement of Rural Post Office for a New India (DARPAN) project. New technology enabled services are being offered in rural areas through hand held devices," he said.
He said that over seven lakh passport applications had been processed through 187 passport seva kendras (PSK) operating out of post offices.
The minister, who holds independent charge of the ministry of communications, was in the city to address a India Post conference being attended by senior officials including Postal Services Board members, the Director General (Posts) and Secretary (Posts).
The conference is to review the department's performance in the past year
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