INDIA POST PAYMENTS BANK

Disclaimer: Copyright infringement not intended.

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