India Post Payments Bank (IPPB) is set to launch on September 1, 2018, by Prime Minister Narendra Modi and on the day of launch it would have a total of 650 branches (one in almost every district) and 3,250 access points nation-wide, said Communications Minister Manoj Sinha.
By the end of this year i.e. December 31, 2018, all 1.55 lakh India Post branches spread across the country would be linked to the India Post Payments Bank.
According to the Communications Minister, the number of access points would also increase from 3,250 to 1.55 lakh which includes 1.30 lakh branches located in rural areas.
To avail India Post Payments Bank services, you would have to link your accounts and the service is available for all account holders. You would be given a QR card which is to be used alongside biometrics at the time of authorizing payments/transactions.
The services that would be offered on the IPPB platform are doorstep account opening, money transfer, Aadhar based direct benefit transfer, remittances, and enterprise and merchant payment. The IPPB service would be made available via multiple channels such as doorstep banking, micro ATM, post office counters, IVR (interactive voice response), SMS, missed call banking, and mobile banking.
India Post started IPPB operations on 30th January
The cabinet today increased the total amount which is to be spent setting up the payments bank from Rs. 800 crore to Rs. 1,435 crore. The total increased amount is Rs. 635 crore of which 400 crore is to be spent on technology and the remaining on human resources.
