India post payment bank ippb

Economic Update

India Post Payment Bank (IPPB)

By Sandeep Nagyaan · 03 Sep 2018


India Post Payment Bank (IPPB)

India Post Payment Bank (IIPB)

Prime Minister Narendra Modi launched a payment bank in Talkatora Stadium in Delhi on Saturday, September 1, 2018. The Indian post payment bank (IPPB) will offer a big range of services such as savings, current accounts, money transfer, bill and utility payments & enterprise & merchant payments.

What is IPPB:

The India Post Payment Bank (IPPB) is public sector Bank under the department of Posts & ministry of Communication with 100% investment of Indian government & governed by Reserve Bank of India (RBI).

What it will be the function of IPPB:

The main focus of IPPB will be on providing banking & financial to the rural areas people on door- to- door. Therefore it is calling as door to door Bank. All 1.55 lakh post office branches will be linked with India Post Payment Bank by end of this year 2018.

Main facts of IPPB:

(1) Grameen Dak Sewaks will be armed with Smartphone & biometric devices to handle the transaction. (2) It will offer 4% interest on savings accounts. (3)The IPPB also has permission to link around 17-crore postal savings bank (PSB) accounts with its own set up. (4)It Create new job opportunities or our unemployed educated population to improve their economic & social condition. (5) It can be a good way of empowering uneducated women & men, because many illiterate people consider the difficulties to visit the bank due to the Paper Burden, so therefore this bank will get a good opportunity to the people to join bank services.

Conclusion:

PMJDY has added million of people to the banking sector. Now remaining people can be join to the bank through IPPB but government should to develop the infrastructure of post sector. After that it will play an effective role in the economy of the country & our banking sector.