New Delhi, Prime Minister Narendra Modi on Saturday launched the India Post Payments Bank (IPPB) here.With the launch, the IPPB services were started at its 650 branches and 3,250 access points spread across the country. By December end, the services would be available at all 1.55 lakh post offices.
The Bank would offer a range of products such as savings and current accounts, money transfer, direct benefit transfer, bill and utility payments and enterprise and merchant payments. These products and services would be given through counter services, Micro-ATM, mobile banking app, SMS and IVR.
The Bank would deploy 40,000 postmen and 2.60 lakh Grameen Dak Sevaks to reach out the every corner of the country.
To make it available at all rural areas, the Union Cabinet had also approved total sum of Rs 1,435 crore for setting up of the Bank.