Prime Minister Modi launches India Post Payments Bank

Prime Minister Narendra Modi on Saturday launched the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi.

ANI IMAGE

NEW DELHI: Prime Minister Narendra Modi on Saturday launched the payments bank of the Department of Posts that 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’. Speaking at the event held at Talkatora Stadium in the capital, PM Modi said, "IPPB is going to bring a huge change in the country's economic, social situation.

Through India Post Payments Bank (IPPB) we will reach to every nook & corner of the country. Bank & banking services will be available at every person's doorstep: PM @narendramodi#IndiaPostPaymentsBank

WATCH LIVE: https://t.co/DklVA2kRqn — ABP News (@abpnewstv) September 1, 2018

Communications Minister Manoj Sinha said IPPB will be available through 650 branches and 3,250 access points. Deposits in any account that exceed Rs 1 lakh will be automatically converted into post office savings account. The government owns 100 per cent in the IPPB, which will offer products and services though multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response. The IPPB will leverage tech platforms. It will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments. Grameen Dak Sewaks will be armed with smartphones and biometric devices to handle transactions. Of these, 1.30 lakh access points will be located in rural areas, taking it to a vast untapped market. The IPPB also has permission to link around 17-crore postal savings bank (PSB) accounts with its own set-up. (with additional input from agencies)