Modi Launches India Postal Service Payments Banking Concern (Ippb)

Prime Minister Narendra Modi on 1st September 2018, launched the the India Post Payments Bank (IPPB). IPPB is India’s largest payments banking concern past times network size. Aim of IPPB is “to modify the the banking organisation inward the country“. It volition accept banking to the doorstep of every citizen through an unmatched network of Post Offices as well as close iii lakh postmen as well as Grameen Dak Sewaks.
As of now, the IPPB volition hold out available through 650 branches and 3,250 access points co-located at post offices as well as roughly 11,000 Gramin Dak Sevaks (in rural area) as well as postmen (in urban area) that volition furnish doorstep banking services. The payments banking concern volition gradually link all 1.55 lakh post offices inward Republic of Republic of India to offering it’s services. IPPB volition besides launch a mobile app to facilitate online banking service equally good equally payment for diverse utilities as well as services similar band bill, DTH, gas connection, electricity etc.

Important Points to Note :

IPPB was the 3rd entity to have payments banking concern let afterwards Airtel and Paytm. It was incorporated on August 17, 2016 nether Companies Act, 2013 as a populace express fellowship alongside 100 per cent Government of Republic of Republic of India equity nether Department of Posts.
It volition offering 4 per cent involvement rate on savings accounts. IPPB has teamed upwards alongside fiscal services providers similar PNB as well as Bajaj Allianz Life Insurance for third-party products similar loans as well as insurance.
The Cabinet, before this week, approved an eighty per cent hike inward spending on the IPPB to ₹1,435 crore – arming it alongside additional ammo to compete inward the marketplace alongside existing operators similar Airtel Payments Bank as well as Paytm Payments Bank.
Suresh Sethi is the managing managing director as well as primary executive officeholder of IPPB. 
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