Now, banking on your doorstep
Jaswant Shetra
Tribune News Service
Ludhiana, September 1
The Department of Posts launched its most ambitious scheme ‘India Post Payments Bank’ (IPPB) at all 3,250 access points simultaneously in India. To launch this scheme in the district, a function was held at the Head Post Office in Ludhiana on Saturday, where Ludhiana Deputy Commissioner Pradeep Agrawal was the chief guest.
Senior Superintendent of Head Post Office, Ludhiana, Amanpreet Singh said to provide banking services in every nook and corner of the country, the Department of Posts, with its huge network consisting of 1,55,000 post offices with 90 per cent rural penetration, has launched new baking service called ‘India Post Payments Bank’.
He said five more access points of the IPPB in Ludhiana, including the Head Post Office, Central Post Office, Bhattian Branch Post Office, Ladhowal Branch Post Office and Nurpur Bet Branch Post Office, have also been launched.
“By the end of December, all 1.55 lakh access points will be linked with the branches of the IPPB. The Department of Posts has been a pioneer of financial inclusion in the country. It services over 40 crore customers in India with over 17 crore Post Office Savings Bank Accounts making it the largest financial inclusion. IPPB will provide our customers with a complete bouquet of banking services,” Singh said.
According to Singh, the other features of IPPB include building most accessible, affordable and trusted bank for common man, to spearhead the financial inclusion agenda by removing barriers for the unbanked and under-banked population, IPPB will partner with financial organisations to provide loan, investment and insurance products. It will make banking simple by issuing QR cards and biometric authentication, IPPB’s QR card eliminates the need for customers to remember their account number and PIN.
The IPPB app will enable customers to pay for the services including phone recharge and bill, electricity bill, DTH services, college fee among other things that are present on Bharat Bill Payment System of the National Payment Corporation of India. “The Payments Bank will be used by the government to distribute MGNREGS wages, subsidies and pensions among beneficiaries,” Singh said.
About India Post Payments Bank
IPPB will provide doorstep banking facility to customers across the country. This facility, however, is not free of charge. Under the system, an amount ranging between Rs 15 and Rs 35 will be charged per transaction. The maximum limit for doorstep banking is Rs 10,000.
Salient features
- IPPB will partner with financial organisations to provide loan, investment and insurance products
- Will make banking simple by issuing QR cards and biometric authentication. IPPB’s QR card eliminates the need for customers to remember their account number and PIN
- IPPB will provide banking service at the doorstep
- The IPPB app will enable customers to pay for services including phone recharge and bill, electricity bill & DTH services
- The payments bank will be used by the government to distribute MGNREGS wages, subsidies and pensions among beneficiaries
