India Postal Payments Bank to open at Head Post Office

Tribune News Service

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Ludhiana, June 12

“India Postal Payments Bank will start functioning soon,” said officials in the Postal Department. The bank has been set up at Head Post Office.

According to sources India Postal Payments Bank (IPPB) would be set up at the 650 post offices in across the country. The bank would open within a month or two at the Head Post Office in the city, the sources added.

“The India Postal Payments Bank will function as a payment bank much like private players, including Paytm. Being a public sector payments bank, it will have more credibility,” said another official of the Postal Department on the condition of anonymity.

The IPPB would provide access to banking services to those people, who still don’t have banking facilities, in the rural areas of the state, he added.

“It will help in better utilisation of the already existing infrastructure of the Postal Department with network of post offices in deeper pockets of the rural areas,” he said.

In fact, this bank would help residents receive payments from various direct benefit transfer schemes of the government, he added.

“It will also become possible to transfer money to saving accounts of the Postal Department as the IPPB will link these with saving accounts in other banks,” he added.

“Rather than banking on private players for paying bills or receiving government subsidies, it will be better to use a payments bank of the Postal Department,” said Sunil Arora, a resident of the city.