IPPB to become operational in 650 districts to facilitate financial inclusion in rural
 Source : NewsBharati  Date : 03-Nov-2017

New Delhi, November 3: By April 2018, the India Post Payments Bank will be made operational in 650 districts of the country. These payment banks will be connected to the 1.55 lakh rural post offices and carry out banking services and will also facilitate financial inclusion.

 

Incorporated as a Public Limited Company by the Department of Posts, Government of India, on 17th August 2016, India Post Payments Bank started its operations on 30th January 2017 by opening two pilot branches, one at Raipur and the other at Ranchi. Along with digitally enabled payments and remittance services of all kinds between individuals, IPPB is offering Savings account up to a balance of Rs.1 Lakh.

For guiding the bank to put in place robust systems and procedures for setting up and running its affairs in a smooth and efficient manner, IPPB has engaged with Deloitte India PLL, as a consultant. India has 154,000 post offices, of which 139,000 are rural post offices.

Helping in bringing hardware and software components and all sub-systems together and ensuring that these function harmoniously, EIT Services India Pvt. Ltd., has been engaged by the Bank as Systems Integrator. The Systems Integrator will suggest complete digitization and automation solutions to the Bank.