India Post Payments Bank (IPPB) is a division of Indian Post and a payments bank from India operated by the India Post. Opened in 2018, the bank had acquired about 4.0 crore customers by December 2020.
History
On 19 August 2015, the India Post received licence to run a payments bank from the Reserve Bank of India. On 17 August 2016, it was registered as a public limited government company for setting up a payments bank.[1] IPPB is operating with the Department of Posts under Ministry of Communications.[1][2]
The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi.[1] In August 2018, the Union Cabinet approved a cost of Template:INRConvert for setting up the bank.[3] The first phase of the bank with 650 branches and 3,250 post offices as access points was inaugurated on 1 September 2018.[4][5] Over ten thousand postmen have been roped into the first phase.[6][7] By September 2020, the bank had acquired about 3.5 crore customers.[8]
Services
IPPB aims to utilize all of India's 155,015 post offices as access points and 3 lakh postal postmen and Grameen Dak Sewaks to provide doorstep banking services.[1][2]Template:Multiple image
IPPB offers savings accounts, money transfer and insurances through the third parties, bill and utility payments.[1][9][10]
- Account: The bank offers savings and current accounts up to a balance of Template:INR.
- QR Card: Customers can use QR code payments eliminating the need to remember account numbers, PINs and passwords.
- Unified Payments Interface
- Immediate Payment Service
- National Electronic Funds Transfer
- Real-time gross settlement
- Bharat BillPay
- Direct Benefit Transfer
IPPB has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts.[11]
See also
References
- ↑ 1.0 1.1 1.2 1.3 1.4 About IPPB - IPPB. ippbonline.com. Retrieved 2018-09-05.
- ↑ 2.0 2.1 All you want to know about...India Post Payment Bank. @businessline. Retrieved 2018-09-05.
- ↑ Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank, Press Information Bureau. pib.nic.in. Retrieved 2018-09-05.
- ↑ India Post Payments Bank launched: Some important facts about IPPB. dna. Retrieved 2018-09-05.
- ↑ India Post Payments Bank replaces ATM/debit cards with QR cards. How to use them. Livemint(2018-09-04). Retrieved 2018-09-05.
- ↑ Your friendly neighbourhood postman is about to become a banker. The Economic Times(2018-08-20). Retrieved 2018-09-05.
- ↑ Government expects India post payments bank to be profitable after 2 years: Communications minister Manoj Sinha. The Economic Times(2018-08-31). Retrieved 2018-09-05.
- ↑ https://www.financialexpress.com/industry/banking-finance/india-post-payments-bank-adds-2-48-crore-customers-in-a-year/2070771/
- ↑ Explained: India Post Payments Bank, in 5 points. Livemint(2018-09-03). Retrieved 2018-09-05.
- ↑ India Post Payments Bank will deliver banking services to every Indian's doorstep, says PM Modi. www.businesstoday.in. Retrieved 2018-09-27.
- ↑ India Post Payments Bank launched: 10 things to know. Mint(2018-08-31). Retrieved 2018-09-27.
Template:Indian PSU Template:Banking in India Template:Ministry of Communications (India)