Prime Minister Narendra Modi will be launching the much-awaited India Post Payments Bank (IPPB) on September 1, said a senior official.
IPPB will have at least one branch in every district and it will focus on offering financial services in rural areas.
It will leverage the wide network of post offices consisting 1.55 lakh branches, in a bid to extend the financial services to the underbanked segments in the rural areas. This will create India’s largest banking network with its direct presence at the village level.
IPPB will leverage reach of 1.55 lakh post office branches to provide banking and financial service to people in rural areas. This will create the country’s largest banking network with direct presence at village level.
IPPB will go live with 650 branches in addition to 3,250 access points co-located at post offices and nearly 11,000 postmen both in rural and urban areas will offer doorstep banking services. Further, IPPB has a permission to sync around 17-crore postal savings bank (PSB) accounts with its account.