PM Narendra Modi to unveil India Post Payments Bank on September 1

Narendra Modi

Narendra ModiPrime 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.

“The launch of India Post Payments Bank has been rescheduled for September 1. The Prime Minister will launch,” a senior government official. The earlier launch had to happen on August 21 but it was rescheduled in the wake of seven-day national mourning declared post the demise of former Prime Minister Atal Bihari Vajpayee.

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.

It was the third entity after Airtel and Paytm to receive payments bank permit from the Reserve Bank of India (RBI). It can accept deposits of up to Rs 1 from individuals as well as small businesses.

It can also carry RTGS, NEFT, IMPS transactions, enabling the customers to transfer and receive money from any bank account.

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