SHILLONG: Prime Minister Narendra Modi will launch the long awaited India Post Payments Bank (IPPB) from Talkatora Stadium, New Delhi, at 3.15pm on September 1 in a nationwide event.
The same will be launched simultaneously in the Shillong and Tura Head Post Offices.
IPPB will focus on providing banking and financial services to the people by leveraging the reach of 1.55 lakh post office branches in the country.
This in turn will create the country’s largest banking network with direct presence at the village level and will go live with 650 branches in addition to 3,250 access points located at post offices both in rural and urban areas along with doorstep banking facilities.
IPPB is the third entity to receive payments bank permit after Airtel and Paytm. Payment banks can accept deposits of up to Rs 1 lakh per account from individuals and small businesses.
The North East Postal Circle comprise Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura with 9 head post offices, 337 sub post offices and 2585 branch post offices.
IPPB branches have been set up in all 9 head post offices and 38 sub post offices with 47 access points in total and 141 at branch post offices in the initial launch.
All the remaining post offices are expected to be covered by the end of the year.
Anjali Anand, Chief Postmaster General, North East Postal Circle has appealed to the public to participate in the event to make the occasion a grand success.
With third party tie-ups, account holders in IPPB will be able to avail themselves of financial services as in case of a regular banking customer.
The payment bank will be used by the government to distribute NREGA wages, subsidies, pension and many other benefits.
The IPPB app which will be launched on the same day will enable customers to pay for services of around 100 firms including phone recharge and bills present on the Bharat Bill payments system of the National Payments Corporation of India.
