Ambala, Faridabad to get postal banks by March

Tribune News Service

Ambala, November 27

The Postal Department will launch India Post Payment Banks (IPPB) in Ambala and Faridabad districts by March next year.

Jagdeep Gupta, Director, Postal Services (HQ), Haryana Circle, told The Tribune, “India Post Payment Bank has been incorporated as a public limited company under the Department of Posts. In first phase, Ambala and Faridabad have been selected where the banks will be established. Tender has been floated for Faridabad while location has been identified for the branch in Ambala Cantonment. The banks will become operational in by March next year.”

He said as many as 14 more branches will be opened in the state by September 2017. New staff will be recruited for the banks while some staff members will be sent on deputation from the department, he added.

Colonel Sukhdev Raj, Chief Postmaster General, Haryana Circle, said “The postal department will provide wide range of services besides regular products. The IPPB will offer services like a regular bank. Being a part of the postal department, we expect it to become the most accessible banking network in the country.”

Gupta said the banks will offer demand deposits such as savings and current accounts up to a balance of Rs 1 lakh. Other services would include distribution of third party financial products such as insurance, mutual funds and pension products. He said the Postal Department aimed to strengthen rural banking system.