IAS Gyan

Daily News Analysis

INDIA POST PAYMENTS BANK

27th May, 2022 Economy

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Context

  • Two days meet of senior functionaries of Postal Department and India Post payments Bank (IPPB) begins today.

 

IPPB

  • India Post Payments Bank, abbreviated as IPPB, is a division of India Post which is under the ownership of the Department of Post, a department under Ministry of Communications.
  • Opened in 2018 India Post Payments Bank is a 100% central government-owned entity.
  • The Payment bank was started with the vision to build the most accessible, affordable and trusted bank for the common man in India.
  • The main objective is to promote financial inclusion in a simple and secure manner at the customers' doorstep.
  • It aims to utilize nearly 1,60,000 post offices as access points and 3 lakh postmen and Grameen Dak Sewaks to provide doorstep banking services.
  • It delivers simple and affordable banking solutions through innovative interfaces available in 13 languages.

Services offered by the Bank

  • It offers savings accounts, money transfers and insurances through the 3d parties, bill and utility payments.
  • The Bank offers savings and current accounts up to a balance of ₹2 Lakh.
  • Customers can use QR code payments eliminating the need to remember account numbers, PINs and Passwords.
  • Unified Payments Interface (UPI)
  • Immediate Payment Service
  • National Electronic Funds Transfer
  • Real-time gross settlement
  • Bharat BillPay
  • Direct Benefit Transfer
  • RuPay Debit Card
  • AEPS (Adhaar Enabled Payment Service)

 

According to the data released in January 2022, the India Post Payment Bank had crossed the landmark of 5 crore customers.

 

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1828591