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Know all about India Post Payments Bank

Saturday - September 1, 2018 3:29 pm , Category : WTN SPECIAL

Every facility available in IPPB from collecting bill to money transfer

SEP 01 (WTN) - From today onwards, India Post Payments Bank (IBBP) has been started in the country. You also want to know about it, so we tell you about it in detail. The government claims that the focus of this bank is to provide banking and financial services to the people living in rural areas. The India Post Payments Bank will initially have 640 branches and 3,250 facility centers. The target of the government is to link approximately 1.55 lakh post offices across the country from this bank till December 31, 2018.

Let us know some key things related to India Post Payments Bank

India Post Payments will work under the Department of Posts, Ministry of Communications.

The 100 percent stake of this bank will be with the government.

It started on January 30, 2017. Then its two pilot branches were started at Raipur and Ranchi.

The India Post Payments bank will give 4 percent interest on savings accounts.

Payments bank can take up to one lakh rupees as deposit from small traders and individual accounts.

The India Post Payments Bank is in agreement with the Financial Service Provider for the third party product.

IPPB will also provide services to the payment bank as well as the current account, money transfer and payment of bills to its account holders. All these facilities will be provided by using its IBBP technology platform through various channels.

India Post Payments Bank will facilitate linking 17 million postal savings bank accounts to their account.

The India Post Payments bank will get benefit from the extensive network of postal department and more than three lakh postmen and rural post office workers.

Initially, the Cabinet has approved the expenditure of IPPB to Rs 1,435 crore. This has been decided so that IPPB could compete with the pre-existing Paytm Payments Bank, Airtel Payments Bank etc. in this area.


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