Prime Minister Narendra Modi on September 1, 2018 launched the India Post Payments Bank (IPPB) in New Delhi.
The India Post Payments Bank will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments and enterprise and merchant payments.
It will have 650 branches and 3,250 Access Points across the country.
All the 1.55 lakh Post Offices in the country will be linked to the IPPB system by the 31st of December this year.
As per the Prime Minister, the launch of this system marks a historic day in the banking sector and this is going to bring a big change in the social system of the country. He also that with this launch, the banking facilities will reach the doorstep of the people in the remotest parts of the country.
Gramin Dak Sewaks will not only bring letters but also bring banking services at the doorstep of the people.
Besides, enabling money transfer and other services such as investment and insurance, the IPPB will also facilitate digital transactions, and help deliver the benefits of schemes such as Pradhan Mantri Fasal Bima Yojana.
The postman has long been a respected and accepted person in the villages and the trust in the postman remains, despite the advent of modern technology.
India Post have 1.5 lakh post offices and over three lakh postmen are associated with this system and they will be empowered with smartphones and digital devices to provide financial services.
IPPB will provide accessible, hassle free and easy financial services to those who have no access to financial services. At present, there are around 50,000 thousand branches functional in rural areas and 1.30 lakh branches will be added in these areas.
India Post Payments Bank has been envisioned as an accessible, affordable and trusted bank for the common man to help speedily achieve the financial inclusion.
It will leverage the vast network of the Department of Posts, which covers every part of the country with more than three lakh Postmen and Grameen Dak Sewaks.