DigiDaak: India Post Payment Bank to begin from April this year
 Source : NewsBharati  Date : 11-Feb-2018

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.


All the 1.55 lakh branches of the post office in India will work as an access point and 650 payment bank branches will support them. According to the information given by the department, once the proposed expansion will be completed, a major service will be added to the financial network of the country, which will be spread in both rural and urban areas. With the help of Postmen and Rural Postal Service, the pamphlet service will be reached at the door of the people.

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.