India Post Payments Bank

India Post Payments Bank (IPPB) is a 100% government owned public sector bank, operating with the Department of Posts under Ministry of Communications, which aims to utilize all of India's 155,015 post offices as access points and 3 lakh postal postmen and Grameen Dak Sewaks to provide house to house banking services.[1][2] The first phase of the bank with 650 branches and 3,250 post offices as access points was inaugurated on 1 September 2018.[3] Over ten thousand postmen have been roped into the first phase.[4][5].Till 27 February 2020 the bank have acquired about 2 crore customers all over India.

India Post Payments Bank
Public company
IndustryFinancial services
FateOwned By Government Of India.
Founded1 September 2018 (2018-09-01)
Headquarters
New Delhi
,
India
Area served
India
Key people
  • Pradeep Kumar Bisoi
    (Secretary, Department of Post)
  • Vacant
    (MD & CEO)
ProductsBanking
ServicesFinancial Services
OwnerGovernment of India
Number of employees
1800
ParentIndia Post
Websiteippbonline.com

IPPB would be like any other bank but it will operate at a smaller scale without involving any credit risks and can't issue advance loans or issue credit cards.

The Prime Minister of India, Narendra Modi, at the launch of the India Post Payments Bank, in New Delhi on September 01, 2018. The Minister of State for Communications (I/C) Manoj Sinha, the Secretary (Post), Ananta Narayan Nanda and IPPB CEO and MD Suresh Sethi are also seen.

History

On 19 August 2015 India Post got licence to run a payments bank from Reserve Bank of India. On 17 August 2016 it was registered as a public limited government company for setting up a payments bank. The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi.[1] The first phase nationwide inauguration happened on September 1, 2018.[6] In August 2018 the Union Cabinet approved a cost of ₹1435 crore (~ $200 million) for setting up the bank.[7]

Services

India Post Payments Banks offers savings accounts, money transfer and insurances through the third parties, bill and utility payments. The Bank will reach to rural and far-flung areas of the country, delivering banking services to the doorstep of every Indian:[1][8][9]

India Post Payments Bank has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts.[10] The government aims to link all the 1.55 lakh post offices to the IPP Bank system by 31 December 2018.

See also

References
  1. "About IPPB - IPPB". ippbonline.com. Retrieved 5 September 2018.
  2. "All you want to know about...India Post Payment Bank". @businessline. Retrieved 5 September 2018.
  3. "India Post Payments Bank launched: Some important facts about IPPB | Latest News & Updates at DNAIndia.com". dna. Retrieved 5 September 2018.
  4. Sharma, Devansh (20 August 2018). "Your friendly neighbourhood postman is about to become a banker". The Economic Times. Retrieved 5 September 2018.
  5. Sengupta, Devina; Singh, Karunjit (31 August 2018). "Government expects India post payments bank to be profitable after 2 years: Communications minister Manoj Sinha". The Economic Times. Retrieved 5 September 2018.
  6. Agarwal, Nikhil (4 September 2018). "India Post Payments Bank replaces ATM/debit cards with QR cards. How to use them". Livemint. Retrieved 5 September 2018.
  7. Press Information Bureau. "Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank". pib.nic.in. Retrieved 5 September 2018.
  8. Gupta, Komal (3 September 2018). "Explained: India Post Payments Bank, in 5 points". Livemint. Retrieved 5 September 2018.
  9. "India Post Payments Bank will deliver banking services to every Indian's doorstep, says PM Modi". www.businesstoday.in. Retrieved 27 September 2018.
  10. Livemint (31 August 2018). "India Post Payments Bank launched: 10 things to know". Mint. Retrieved 27 September 2018.

13. भारत के डिजिटल पेमेंट क्षेत्र में घमासान करने की तैयारी में फेसबुक सीईओ जकरबर्ग ARLive News, 5 May 2019

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