The IPPB, which has already been delayed by several months, is currently running pilot services in Raipur and Ranchi
IPPB would become one of the largest banking networks in India. India Post has 154,000 post offices, of which 139,000 are in rural areas
Modi on August 21 will launch India Post Payments Bank (IPPB) with 650 branches across the country, which will pave way for the largest banking network
IPPB will leverage reach of 1,55,000 post office branches to provide banking and financial service to people in rural area
Customers can access their IPPB account through mobile app but it will have limited services
The Department of Posts was one of the 11 entities to get the in-principle nod from the RBI in 2015 for setting up a payments bank
The IPPB, which is currently running pilot services in Raipur and Ranchi, needs a go-ahead from RBI for the software used for system integration
India Post has plans to link all 155,000 post office branches with the IPPB
The ministers said IPPB will acquire approximately 80 million customers in a span of five years from its launch
RBI granted the licence to IPPB on January 20, 2017 to carry out payments bank activities
The government is gearing to open 650 branches of India Post Payments Bank (IPPB) by April-May next year as it looks to facilitate financial inclusion across the country, primarily in rural areas.As per Communications Minister Manoj Sinha, the branches are likely to be functional in all the 650 districts of the country by April-May next year and all the rural post offices will be connected to these branches.India has 154,000 post offices, of which 139,000 are rural post offices.The IPPB has already missed the September deadline to open branches across the country, primarily because it failed to get a system integrator (SI) on board on time, upsetting its payments bank schedule.IPPB had launched a pilot service in Raipur and Ranchi this January. The Department of Posts was one of the 11 entities to get in-principle nod from the Reserve Bank of India (RBI) in 2015 for payments bank.Suresh Sethi has been recently appointed as the bank's managing director and chief executive officer. An ..
IPPB offers an interest rate of 4.5% on deposits up to Rs 25,000, 5% on Rs 25,000-50,000 and 5.5% on Rs 50,000-1,00,000
System integrator search delays launch
Nearly 100 firms have evinced interest in partnering the government-promoted IPPB
India Posts is the second entity to roll out payments bank in Raipur and Ranchi
IPPB will spend Rs 800 crore on building a pan-India network
The bank will offer an interest rate of 4.5 per cent on deposits up to Rs 25,000
Operations to start by September 2017