21 November 2022

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PM launches India Post Payments Bank


The Prime Minister launched the India Post Payments Bank (IPPB). The initiative would enable banking services to reach the remotest places in the country. The function was witnessed at over 3000 locations across the country, connected to the main event held in Delhi. IPPB would enable money transfer, transfer of government benefits, bill payments and other services such as investment and insurance. The PM added that postmen would deliver these services at the doorstep and further said that IPPB will also facilitate digital transactions, and help deliver the benefits of schemes such as Pradhan Mantri Fasal Bima Yojana, which provide assistance to farmers.

The Prime Minister during the launch highlighted the importance of postman in people’s lives and said that, the postman has long been a respected and accepted person in the villages and the trust on the postman remains, despite the advent of modern technology. The Prime minister further asserted that, the Government’s approach is to reform existing frameworks and structures, and hence, transform them in accordance with the changing times. He said that, there are over 1.5 lakh post offices and over three lakh postmen or “grameen dak sevaks” who are connected to the people of the country. Now, they shall be empowered with smartphones and digital devices to provide financial services.

The prime vision and mission behind the launch of IPPB is to build the most accessible, affordable and trusted bank for the common man and to spearhead the financial inclusion agenda by removing the barriers for the unbanked and under-banked population. The IPPB has been set up under the Department of Posts, Ministry of Communications, with 100% equity owned by Government of India.

The IPPB will offer various services such as savings and current accounts, remittances and money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments etc. These products, and related services, will be offered across multiple channels (Counter Services, Micro-ATM, Mobile Banking App, SMS and IVR), using a bank grade, cutting-edge technology platform. IPPB will partner with financial organizations to provide loans, investment and insurance products.

Tags : Banking services IPPB Launch

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