Launching India Post Payments Bank (IPPB) in the city, Union Minister Jitendra Singh on Saturday said the facility is an unprecedented step of the union government to empower the rural masses in the far-flung areas of the country.
The state launch at Zorawar Singh Stadium here was a part of the nationwide launch of IPPBs across the country that was aimed at reaching the unbanked population of the country through utilization of the postal network for banking services.
Singh said that the revolutionary step would ensure that the benefits of development reach the people of the entire nation at the grass root level.
Addressing the audience, he said that the same technology that had made Post offices obsolete would mark the revival of these post offices through the Postal Payment Banks.
While highlighting the critical role of the Postman in the functioning of IPPBs, Singh said the 'Dakiya' would become the 'new bank'. The Postmen would become the new digital teachers for unprivileged and unbanked section of society marking the transformation to a new Digital India.
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He said that the developmental agenda occupied a central place for the Government where the focus was not just on rhetoric but on pragmatic programmes and practical implementation of schemes.
Singh also mentioned that special attention was being given by Narendra Modi led Government at the Centre by ensuring that parallel developmental measures were being taken in the state as that in the rest of the country.
Arrangements were also made at the function for the live telecast of the National Launch of IPPBs by Prime Minister Modi at a ceremony at New Delhi.
IPPB -- which will be available through 650 branches and 3,250 access points immediately, scaled to all 1.55 lakh post offices by December 2018 -- is like any other bank but with smaller scale of operations and without involving any credit risk.
The freshly-minted payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. However, it can't offer loans directly, or issue credit cards.
In Jammu and Kashmir State, eight branches of India Post Payment Banks located at Jammu, Kathua, Udhampur, Rajouri, Srinagar, Anantnag Baramulla and Leh started their operations today along with 40 Access Points.
Process like opening a bank account, access to insurance and mutual funds, money transfers, have been simplified and time taken has been reduced greatly. IPPB includes paperless banking and provides secure Aadhaar enable transactions with zero balance accounts facility, the spokesman said.
Banking through IPPBs would boost government's initiatives like promoting digital transactions and Direct Benefits Transfer (DBT) and will help in better penetration of government schemes like Sukanya Samridhi Yojna, the spokesman said.
By the year end all the 1.55 lakh post offices across the country will start serving as the India Post Payment Bank Access, taking banking services to the remotest corners of the country. Nearly 3 Lakh postmen will work as 'Mobile Bankers' and provide facility of 'banking at your doorstep- aapka bank aapke dwar', he said.
The inclusion of the unbanked population in the banking network through IPPB will empower individuals who will not only be able to open bank accounts in less than a minute but have access to financial services and can avail of Government schemes in an improved and assured way.
It would also boost India's GDP and increase the flow of cash in the economy, he added.
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