The vision of India Post Payments Bank (IPPB) will spearhead the financial inclusion agenda of the Government, said Chief Postmaster General, Maharashtra Circle, Shri H. C. Agrawal. He was addressing the media at Mumbai GPO, to inform the people about the new venture. Indian Post Payments Bank will be launched nationwide by Honourable Prime Minister Shri Narendra Modi, in New Delhi on September 1, 2018.

He informed that the launch of India Post Payments Bank will be held in 42 branches and 168 access points of Mahrashtra Circle on September 1, 2018. Honourable Governor of Maharashtra, Ch.Vidya Sagar Rao will inaugurate Andheri IPPB branch at Raj Bhavan and Honourable Chief Minister of Maharashtra, Shri Devendra Fadnavis will inaugurate Girgaon branch at Mumbai GPO. Similarly, various other branches would be launched at various places across the state. He further informed that 20,691 IPPB accounts have already been opened in the state.

Describing the initiative, Mr. Agrawal said the vision behind IPPB is to build the most accessible, affordable and trusted bank for the common man. It will remove the barriers for the unbanked and under-banked population and will promote Financial Inclusion through Financial Literacy.

He said that, 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 through multiple channels (at-the-counter Services, Micro-ATM, Mobile Banking App, SMS and IVR), using a bank grade, cutting-edge technology platform.

While informing about Third-Party Products, he said that IPPB will partner with financial organizations to provide loans, investment and insurance products. IPPB has finalized the partnerships with Bajaj Allianz Life Insurance, and PNB Metlife Insurance.

He added that India Post has a vast network and reach, with a rural India penetration of 1,30,000 access points (Post Offices), nearly 2.5 times the number of bank branches in rural India today. A large workforce of 3,00,000+ postmen and Gramin Dak Sevaks (GDS) offer Assisted Doorstep Banking in rural, urban and remote areas.

IPPB will make banking and payments simple. Using Aadhaar and PAN card, it will enable citizens to open paperless accounts in a matter of minutes and allow customers to make digital transactions with the help of QR Cards and biometric authentication.

The prominent IPPB Customers/Beneficiaries would be senior citizens, students, homemakers, urban Migrants, farmers, DBT beneficiaries, rural influencers, Kirana Stores and small businesses. It will promote digital ecosystem at micro level enabling a less-cash economy – and thus contribute to India’s GDP. For the implementation of IPPB, 3,00,000 Postmen and GDS will be trained to provide financial guidance to customers.

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