New Delhi, February 11: India Post Payment Bank on Saturday said that it will start its services in India from April this year. According to a statement issued by the Department of Posts, India Post Payment Bank (IPPB) is expanding rapidly and plans to start services in India from April this year.
In the year 2015, the Reserve Bank of India had approved the theoretical approval of operating 11 in the form of a payment bank, including the postal department. Payment banks can accept deposits up to Rs 1 lakh from people and small businesses. It is not a complete bank but offers many services like bank such as accepting demand deposits, remittance services, internet banking.
After Airtel Payment Bank and Paytm, IIPB will be the third payment bank that will operate completely. IIPB will provide facilities for NEFT, RTGS, UPI and bill payments, including digital payment to 17 crore account holders. The Postal Department started the pilot project in Raipur and Ranchi in January 2017.