The bank is aiming to have a pan-India presence through its 650 branches, co-located at the district headquarters of the Post offices, by April this year, said Sinha, in a reply to Lok Sabha.
On January 20, 2017, India Post Payments Bank received the final approval from the Reserve Bank of India to set up payments branches. The department has already rolled out two branches on January 30, 2017, in Raipur and Ranchi.
Reportedly, the 650 branches will act as controlling offices in a bid to serve as service and monitoring bodies of nearly 1.55 lakh post offices.
“Branch readiness in identified 650 branches is underway in terms of civil and electrical works, furniture/fixtures and technology setup. Apart from that recruitment of personnel is also being undertaken and so far 528 managers (approximately) have been on boarded,” he said.
Further, the bank is estimated to acquire 8 crore customers within a span of five years from its launch.