India Post's bank to miss September date for opening branches

System integrator search delays launch

India Post Payments Bank (IPPB) is sure to miss the September deadline that it had set for itself to open 650 branches across the country. India Post, the government-operated postal system in the country, failed to get a system integrator (SI) on board on time, upsetting its payments bank schedule. 

The Department of Posts, one of the 11 entities to get in-principle nod from the Reserve Bank of India (RBI) in 2015 for payments bank, launched a pilot service in Raipur and Ranchi this January. Though armed with a bank licence, the department couldn’t go beyond a pilot, as it