Postal department installs 976 ATMs

1.55 lakh post offices to become access points for the India Post Payments Bank (IPPB)

GN Bureau | March 29, 2017


#department of posts   #ATM   #post payment bank   #Manoj Sinha  


 
The Department of Posts has installed 976 ATMs which are mostly located in the rural areas of India, union minister Manoj Sinha informed the Lok Sabha.
 
The minister said that the Department of Posts has set up India Post Payments Bank (IPPB) as a Public Limited Company on August 17, 2016 under the Companies Act 2013, to further the financial inclusion objectives of the government.
 
The IPPB has launched operations in Raipur (Chattisgarh) and Ranchi (Jharkhand) with 8 access points on January 30, 2017. It is proposed to set up access points co-located with district level post offices in up to 650 districts with linkages to all the post offices throughout the country by September, 2017, subject to feasibility and fulfillment of regulatory requirements.
 
Thus after complete roll-out, approximately, 1.55 lakh post offices will become access points for the IPPB.
 
 
Sinha said that IPPB has not installed any ATM, as of now. IPPB has issued 1,619 Debit Cards of which 832 debit Cards have been issued in Jharkhand and 787 debit Cards have been issued in Chattisgarh.
 
The minister said that many companies have approached the Department of Posts for IPPB which include domestic and international financial entities in the field of banking, insurance, international money transfer, mutual funds etc. Some preliminary discussions had taken place with International Finance Corporation (World Bank); no formal proposal to this effect has been received.
 
While the department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man, he said.
 

Comments

 

Other News

From Jal Shakti to Jal Prabandhan

This piece is based on a previous article by the authors published in Geoforum [Elsevier] in May 2019: available online: https://www.sciencedirect.com/science/article/pii/ S0016718519300764?via%3Dihub

Shiv Sena set to form government in Maharashtra

The BJP’s oldest ally Shiv Sena is once again parting ways, putting their alliance behind and preparing to form government in Maharashtra with the support of the NCP and Congress. Nineteen days after the legislative assembly elections, despite a clear mandate for the BJP and Sena, Maha

Ayodhya: temple at disputed site, alternative land for mosque

A resolution to the long-pending dispute which has to an extent shaped the recent history of India was in sight as the supreme court on Saturday paved the way for the construction of a temple at the disputed site where the Babri Mosque stood for long but is held to be Lord Ram`s birth place. A five

Moody’s changes India outlook, FinMin cites robust fundmanetals

The global rating agency Moody’s Investors Service has changed its outlook on India’s ratings from ‘stable’ to ‘negative’, but the finance ministry maintained that “the fundamentals of the economy remain quite robust”. On Thursday, Moody’

Special push on the housing front can aid economy too

The real estate sector is arguably the most representative of the slowdown in the economy. The government has moved to offer it a helping hand with a Rs 10,000 crore package, which has the potential of lifting the sagging fortunes of a large number of allied industries. The union cabinet on



Archives

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter