There would be complete integration of IPPB branches with the 1.55 lakh Post offices so that each Post office functions as both, a DoP outlet and an access point for the Payments Bank
GN Bureau | March 28, 2018
Pan India Rollout of 650 branches of the India Post Payments Bank is to commence from April, 2018, parliament was informed.
Union minister Manoj Sinha said that the India Post Payments Bank (IPPB) has been incorporated as a public limited company under Department of Posts (DoP) with 100% Government of India equity on August 17, 2016.
Read: India gets payments banks
IPPB aims to drive financial inclusion at the last mile, by bringing customers under formal banking channels and providing access to banking services at affordable rates. There are multiple socio-economic benefits that would be realized by the economy at large:
(i) Migration from cash based transaction to digital economy, thus removing intermediaries leading to a more economical and efficient settlement of transactions
(ii) Reduction in opportunity costs in availing banking and financial services leading to higher economic outputs
(iii) Access to formal credit channels (through 3rd party tie ups) leading to increase in business capacity (at better rates) and productivity compared to the higher costs incurred otherwise, leading to higher income and lower costs
The minister said that the Reserve Bank of India (RBI) has granted Payments Bank License to the department on January 20, 2017 and since then IPPB has launched its two pilot branches one each in Raipur (Chhattisgarh) and Ranchi (Jharkhand). There would be complete integration of IPPB branches with the 1.55 lakh Post offices so that each Post office functions as both, a DoP outlet and an access point for the Payments Bank, subject to technical and commercial feasibility.
Sinha said that India Post Payments Bank is in early stages of discussion with various global and domestic institutions to enhance their product suite, as per the Payment Bank guidelines governing 3rd party products.
IPPB has not installed any ATMs so far. However, IPPB will leverage the DoP ATMs for its banking operations, which are already connected with the network of ATMs of other banks. IPPB has issued 8,638 debit cards to its customers at the Raipur and Ranchi branches and access points.
Maharashtra has announced the reopening of schools for classes 1-12 from January 24 with Covid protocols. Education minister Varsha Gaikwad said on Thursday that the government will reopen schools for classes 1-12th with Covid protocols from January 24. “We have also decided to open p
The BrihanMumbai municipal corporation (BMC) has rejected BJP MLA Ameet Satam’s demand in a letter to BMC commissioner Iqbal Chahal to cancel the appointment of Sunil Rathod, deputy chief engineer, building and proposal department, western suburbs, for getting caught red-handed accepting bribe by ACB
Once the schedule for the next assembly elections has been announced, there is a flurry of activity around building caste coalitions. This is more intense in the most populous state, Uttar Pradesh, which is the most important state in India in any election, in view of its large population estimated a
In a competition organised by the Ministry of Housing and Urban Affairs (MoHUA), Pune, Pimpri-Chinchwad, Nagpur and Aurangabad from Maharashtra are among the 11 cities selected for scaling up their pilot projects and creating permanent public infrastructure. #Streets4People Challenge was org
The three Navy personnel who succumbed to injuries caused by an explosion on board Indian Navy`s destroyer ship INS Ranvir have been identified as Krishan Kumar MCPO (master petty chief officer)I, Surinder Kumar MCPO II & AK Singh MCPO II. In a condolence message, Admiral R Hari Kumar s
Oxfam India has this week released ‘India Supplement 2022’ with deserving caption ‘inequality kills’. The supplement discusses India’s governance structures that promote the accumulation of wealth by a few, while failing to provide safety netsto the rest of the population. The