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India Post Payments Bank initiates pilot services

India Post Payments Bank (IPPB) has started its operations by launching its pilot services in Raipur and Ranchi.

A P Singh, Chief Executive Officer, IPPB said , “ The bank has announced that it will offer an interest rate of 4.5 per cent on deposits up to Rs 25,000; 5 per cent on deposits of Rs 25,000-50,000 and 5.5 per cent on Rs 50,000-1, 00, 000.”

“The paid up equity of the new bank is Rs 800 crore, of which the government has already infused Rs 275 crore,” he added.

“The idea is to have a branch in every district and make 3 lakh postmen come alive in payment bank function.”

Also 1,000 ATMs of India Post will be transferred to IPPB, reported the Economic Times.

Telecom Minister Manoj Sinha said that IPPB plans to have 650 branches across the country by September 2017.

Terming IPPB as a mechanism for financial inclusion and a milestone, Sinha said the payments bank — the third one to get a permit after Airtel and Paytm and the first one promoted by the government — will not just conduct business but also serve people.

 

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