India Post Payments Bank today announced that it volition get-go pan-India curl out of its network from April this year. All 1.55 lakh post service purpose branches volition operate equally access points in addition to 650 payments depository fiscal establishment branches will render them back-end support.
“Once the proposed expansion is completed, IPPB volition hold upwardly providing the largest fiscal inclusion network inwards the country, roofing both urban also equally rural hinterland alongside mightiness to render digital payment services at the doorstep alongside the assist of Postmen in addition to Gramin Dak Sewaks (GDS)” the Department of Posts said inwards a statement.
In 2015, the Reserve Bank of Republic of Republic of India (RBI) had granted ‘in-principle’ approving to eleven entities, including the Department of Posts, to ready payments banks. The Republic of Republic of India Post Payments Bank (IPPB) has been incorporated equally a world sector fellowship nether the Department of Posts alongside 100% GOI equity. IPPB launched its airplane pilot services inwards Raipur in addition to Ranchi inwards Jan 2017.
What is Payments Bank ?
A payments depository fiscal establishment is a differentiated depository fiscal establishment in addition to confines its activities to credence of demand deposits, remittance services, Internet banking in addition to other specified services. Unlike traditional banks, payments banks are non allowed to plough over loans or credit to customers. Payments banks tin get got deposits of upwardly to Rs i lakh per concern human relationship from individuals in addition to pocket-size businesses.
Important Note : IPPB volition hold upwardly the tertiary payments depository fiscal establishment to get got amount fledged operations subsequently Airtel Payments Bank in addition to Paytm.
MD & CEO of Republic of Republic of India Post Payments Bank – Suresh Sethi