India Post Payments Bank launched
Honourable Prime Minister Shri Narendra Modi launched the India Post Payments Bank (IPPB), to take banking to every household, through an unmatched network of post offices and almost 3 lakh postmen & ‘Grameen Dak Sewaks’. The IPPBs operations will be on a smaller scale without involving any credit risk. It will accept deposits of up to ₹1 lakh, but will not advance loans or issue credit cards. However, it will offer remittance services, mobile payments/ transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.
The government owns 100% stake in IPPB, which will leverage tech platforms and use Aadhar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments. Grameen Dak Sewaks will be armed with smartphones and biometric devices to handle transactions. IPPB will offer 4% interest rate on savings accounts. It has teamed up with financial services providers like PNB and Bajaj Allianz Life Insurance for third-party products like loans and insurance. IPPB will be available through 650 branches and 3,250 access points.
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