Prime Minister Narendra Modi is all set to launch the India Post Payments Bank (IPPB) on August 21. The Payments Bank will have at least that one branch in every district, with its prime focus on financial services in rural areas, said a senior official.
“The Prime Minister has given time on August 21 to launch IPPB. Two branches of the bank are already operational. Rest of the 648 branches will be launched across the country in every district,” said a senior official of the communications ministry.
IPPB will help in expanding reach of 1.55 lakh post office branches to people, in a bid to offer banking and financial service to people in rural area.
“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-led to the creation of country’s largest banking network with its direct presence at village level.
IPPB will go be operational across with 650 branches in addition to 3,250 access points situated at post offices. Nearly 11,000 postmen both in rural and urban area will ensure doorstep banking services to the consumers, said Suresh Sethi, Chief Executive Officer, IPPB.
As of now, IPPB has been permitted to sync around 17 crore postal savings bank (PSB) account with its account.