PM Modi Launched India Post Payments Bank, Will Accept Up to Rs. 1L
PM Modi Launched India Post Payments Bank, Will Accept Up to Rs. 1L

Prime Minister of India, Narendra Modi has Established the Payments Bank of Indian Postal department.

PM Modi Launched India Post Payments Bank, Will Accept Deposits Up to Rs. 1L

The department will be responsible to take banking to the doorstep of every citizen via a network of post offices and almost 3 Grameen factors and Dak Sewaks’. The IPPB will operate like every other lender, but will be centered on a smaller scale without involving any credit risk.

As such, the lender will be in a position to carry out banking operations, but it’ll not have the capability to advance loans or issue bank cards. On the other hand, the IPPB department has teamed with financial service providers such as PNB and Bajaj Allianz Life Insurance for 3rd party products like loans and insurance.

The government owns 100% of the IPPB, that was set up under the aegis of the Department of Posts and will provide services and products through various channels like counter solutions ATMs banking application, messages and interactive voice response.

As per reports, the payments lender will accept deposits up to Rs 1 lakh, offers remittance services, cellular payments/transfers/purchases along with other banking services cards banking, and 3rd party fund transfers. In addition, it’ll offer a 4% interest rate on savings accounts.

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PM Modi Launched India Post Payments Bank, Will Accept Up to Rs. 1L
PM Modi Launched India Post Payments Bank, Will Accept Up to Rs. 1L

What is more is the lender will make use of Aadhaar to open accounts, while a QR card and biometrics will induce authentication, transactions, and payments. It’ll further promote the use of technology, as Grameen Dak Sewaks will be equipped with mobile phones and devices to handle transactions.

According to Communications Minister Manoj Sinha, the IPPB services will be accessible in 650 branches and 3, 250 access points out of today but will be scaled to all 1.55 lakh post offices by December 2018. You may check out their official website. Communications Minister Manoj Sinha said the IPPB would be accessible through 650 branches and 3, 250 access points.

Deposits on any account that transcend Rs. 1 lakh will be automatically converted to post office savings account. He said. The government owns 100% of the IPPB, that was set up under the aegis of the Department of Posts, also will offer services and products through various channels like counter solutions ATMs banking application, messages and interactive voice response.

Platforms will be leveraged by IPPB. It’ll use Aadhaar to open accounts, while a QR card and biometrics will induce authentication, transactions, and payments. Grameen Dak Sewaks will be equipped with mobile phones and biometric devices to manage transactions. It’ll offer 4% interest rate on savings accounts.

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IPPB has teamed with financial service providers such as PNB and Bajaj Allianz Life Insurance for 3rd party products like loans and insurance. The Cabinet, before this week, it approved 80 percent increase in spending on IPPB at Rs. 1, 435 crore – arming it with additional ammunition to compete in the market with existing operators such as Airtel Payments Bank and Paytm Payments Bank.