India's Modi to Launch India Post Payments Bank to Support Common Man

India’s prime minister, Narendra Modi, will launch the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi today (01). IPPB has been envisioned as an accessible, affordable and trusted bank for the common man, to help speedily achieve the financial inclusion objectives of the union government.

"IPPB will leverage the vast network of the Department of Posts, which covers every corner of the country with more than 300,000 Postmen and Grameen Dak Sewaks. IPPB will hence significantly augment the reach of the banking sector in India," said prime minister's office.

The launch of IPPB marks another significant milestone in the union government’s endeavour to take the benefits of a rapidly developing India to the remotest corners of our country.

On the day of the launch, IPPB will have 650 branches and 3250 access points spread across the country. Simultaneous launch events will be held at these branches and access points.

All the 1,55,000 post offices in the country will be linked to the IPPB system by December 31, 2018.

IPPB will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. These products and related services will be offered across multiple channels (counter services, micro-ATM, mobile banking app, SMS and IVR), using the bank’s state-of-the-art technology platform.