Published On: Sun, Aug 5th, 2018

Indian Postal Department To Offer Payments Bank Service From Aug. 21

August 21 will be a milestone day for the Indian postal department. Center is to launch India Post Payments Bank with an aim to have at one or more such branch in every district.

Indian Postal Department To Offer Payments Bank Service From Aug. 21

The India Post Payments Bank (IPPB) was long-awaited and it will focus mainly on the financial services in rural parts of the country.

PTI cites a senior official of the communications ministry saying, “The Prime Minister has given time on August 21 to launch IPPB. Two branches of the bank are already operational. Rest of the 648 branches will be launched across country in every district.”

It is learned 1.55 lakh post office branches will be reached with the new model for the benefit of providing banking and financial services to the rural areas and this will result with the creation of largest banking network in the country.

IPPB said permission has been granted for the linking up of 17 crore postal savings bank (PSB) account.

With the new move rural area people would be facilited with digital banking and financial services like transfering money to any bank account through their mobile or simply by visiting a post office branch.

The other good example of Payments Bank in India are Airtel and Paytm. The limitations to such banks that people or small businesses can deposit a maximum amount of Rs 1 lakh per account.

About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade. He can be contacted at knowledgeherald@gmail.com

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