India Post to launch IPPB branches, 3250 access points today

Port Blair
31 Aug 2018

A rally announcing the launch of India Post Payment Bank (IPPB) was organised by the Department of Posts here on Friday. The rally was led by Mr Madhusudhan Das, Deputy Superintendent of Posts, A & N Islands and all staff members participated to inform general public about the new generation banking the postal department is going to open to the people of the country. The Department of Posts is rolling out 650 branches and 3250 access points of India Post Payments Bank (IPPB) simultaneously across the country tomorrow. The Prime Minister of India will preside over the national level launch function to be held at Talkatora Stadium in New Delhi. IPPB is set up as a Public Sector Bank with 100% equity under the Department of Posts, Ministry of Communications, Government of India. Mr Ravi Shankar Prasad, Minister of Law and Justice and Electronics and Information Technology, Government of India will inaugurate the Kolkata branch of IPPB in the presence of Ms. Arundhaty Ghosh, Chief Postmaster General, West Bengal Circle at a programme at Mahajati Sadan at 2:30 pm. The first branch of IPPB in Andaman and Nicobar Islands will be inaugurated by Mr Bishnu Pada Ray, Member of Parliament at the Head Post Office here tomorrow. IPPB will spearhead the financial inclusion programme by removing the barrier for the unbanked population. It aims to provide banking services to every citizen of India by leveraging the vast network of 1.55 Lakh Post Offices of Department of Posts.
Major among IPPB advantages include vast network and reach of India Post with a rural India penetration of 1,30,000 access points (Post Offices), which is nearly 2.5 times of the number of bank branches in rural India, a large work force of 3,00,000+ Postmen and Gramin Dak Sevaks (GDS) offering Assisted Doorstep Banking in rural, urban and remote areas, IPPB will make banking and payments simple, using Aadhaar, it will open paperless accounts in minutes and allow customers to make digital transactions with the help of QR Cards and biometric authentication, for IPPB, the last mile service partner is the Postman, the Department of Posts (DoP) represents sovereign trust and partnering with such an institution will set IPPB apart. IPPB – Customers/Beneficiaries will be Senior Citizens, Students, Homemakers, Urban Migrants, Farmers, DBT Beneficiaries, Rural Influencers, Kirana Stores and Small Businesses. The last mile delivery agent (Postman, GDS) is armed with financial knowledge, and equipped with a smartphone and biometric device, enabling him/her to offer financial services and guidance with relative ease. IPPB’s QR card eliminates the need for customers to remember their account number and PIN. IPPB will offer a range of products such as savings and current accounts, remittances and money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. 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.