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September 02, 2018

Modi Launches India Post Payments Bank (IPPB)

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Prime Minister Narendra Modi on 1st September 2018, launched the the India Post Payments Bank (IPPB). IPPB is India's largest payments bank by network size. Aim of IPPB is "to change the the banking system in the country". It will take banking to the doorstep of every citizen through an unmatched network of Post Offices and almost 3 lakh postmen and Grameen Dak Sewaks.

As of now, the IPPB will be available through 650 branches and 3,250 access points co-located at post offices and around 11,000 Gramin Dak Sevaks (in rural area) and postmen (in urban area) that will provide doorstep banking services. The payments bank will gradually link all 1.55 lakh post offices in India to offer it's services. IPPB will also launch a mobile app to facilitate online banking service as well as payment for various utilities and services like phone bill, DTH, gas connection, electricity etc.

Important Points to Note :

IPPB was the third entity to receive payments bank permit after Airtel and Paytm. It was incorporated on August 17, 2016 under Companies Act, 2013 as a public limited company with 100 per cent Government of India equity under Department of Posts.

It will offer 4 per cent interest rate on savings accounts. IPPB has teamed up with financial services providers like PNB and Bajaj Allianz Life Insurance for third-party products like loans and insurance.

The Cabinet, earlier this week, approved an 80 per cent hike in spending on the IPPB to ₹1,435 crore - arming it with additional ammo to compete in the market with existing operators like Airtel Payments Bank and Paytm Payments Bank.

Suresh Sethi is the managing director and chief executive officer of IPPB. 

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