IPPB launch delayed due to national mourning on Vajpayee’s demise

Gurvinder Singh

Tribune News Service

Ludhiana, August 17

India Post Payments Bank (IPPB), which was all set to start functioning on August 21, will now be launched at a later date, in the wake of seven-day national mourning to pay homage to former PM Atal Bihari Vajpayee.

Dr Amanpreet Singh, Senior Superintendent of Post Offices (City Division), said the information about the new date had not been received from the Centre. The IPPB will have one main branch created at the Head Post Office and five ‘access points’, including Central Post Office and post offices at Bhattian, Laddowal, Noorpur, apart from other places.

Speaking about the facilities at the IPPB, he said it would be a payments bank which would enable ‘doorstep delivery’ of banking services, including the cash required. He said account holders would be able to open zero-balance accounts and deposit a maximum of Rs 1 lakh in their accounts with the IPPB. “These will serve for bank saving, regular accounts as well as digital account, through which it will be possible to receive payments and make payments as well. It will be possible to make digital payments through this account,” he said. He added that no passbook or cheque book would be issued to account holders, but only a QR card would be issued.

The advantage of the IPPB would be multifold, he said. “Not only will it offer a reliable and safer digital payments alternative, but also help provide banking access to people who still don’t have bank accounts,” he said.

He added, “The advantage IPPB will have over other banks is because there already is a deep penetration of the Postal Department, including the rural areas of the country. It would leverage the wide network of post offices in the country where banking sector has still not been able to reach so far.”