Prime Minister Modi launched India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi on 1st of September.
The primary focus of IPPB is to provide Banking and financial services to people in rural areas.
“On the day of the launch, IPPB will have 650 branches and 3,250 access points spread across the country,” the government said in a statement.
The government aims to link all the 1.55 lakh post offices to the India Post Payments Bank system by 31 December, 2018.
Key things to know about IPPB:
1) The IPPB has been set up under the Department of Posts, Ministry of Communication, with 100% equity owned by Government of India.
2) The Bank will offer 4% Interest Rate on savings accounts.
3) Payments banks are able to accept deposits of up to Rs 1 lakh per account from individuals and small businesses.
4) India Post Payments Bank will offer various services include savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments.
The IPPB has aligned with different financial institutions to provide loans, Investments, and insurance products.
