India Post Payments Bank to launch 650 branches by April: Manoj Sinha

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India Post Payments Bank
India Post Payments Bank

The Centre is planning to roll out all the 650 branches of India Post Payments Bank (IPPB) by April 2018, said Minister of State for Communication Manoj Sinha.

IPPB has already unveiled two pilot branches on January 30, 2017 at Raipur (Chhattisgarh) and Ranchi (Jharkhand) in 2016-17, said Minister Manoj Sinha in a written reply in Lok Sabha.

However, the bank has not launched any new branch in the current financial year.

On January 20, 2017, the Reserve Bank of India (RBI) granted license to IPPB for carrying out payments bank activities.

IPPB aims at pan-India reach and all post offices (approximately 1.55 lakh) across the country will soon ensure access points to provide banking products and services in adherence to the RBI guidelines on payments bank.

“The payments bank proposes to tie up with banking and other financial institutions and expressions of interest for tie-ups have been received,” said Sinha.

The Minister further informed that the bank has inked a Memorandum of Understanding (MoU) with Punjab National Bank (PNB) and PNB MetLife India Insurance Company Ltd.

“IPPB was incorporated on August 17, 2016, under Companies Act, 2013 as a public limited company with 100 per cent Government of India equity under Department of Posts,” he said.

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