India Post Payments Bank readies for competition

IPPB will spend Rs 800 crore on building a pan-India network

Making it clear India Post Payments Bank is here to take on competition but not at the cost of customers, IPPB chief executive A P Singh said the entity would broaden the market not skim it. The officer was speaking at the launch of the payments bank.

Reacting to Airtel Payments Bank, which started a few weeks ago, offering 7.25 per cent interest on deposits, Singh said while the offer comes with “conditions apply”, there is no such thing with IPPB. 

The government-run IPPB, which rolled out pilot services in Ranchi and Raipur districts on Monday, will offer 4.5 per cent interest