Your Postman to bring bank at your doorstep as FM launches Post Payment Banks

30 January, New Delhi

Soon your Postman will bring bank at your doorstep as Finance Minister Arun Jaitley today launched the operations of first two Indian Post Payment Bank (IPPB) branches in Raipur and Ranchi from New Delhi through video conferencing in the presence of Communication Minister Manoj Sinha.

As per the proposed plan and working, By September 2017 all the districts will have the branches of the IPPB connected with the post offices to provide banking services through the designated premises and the postman reaching at your doorstep with carrying machines, so that you could be able to do your financial transactions.

IPPB will effectively leverage the ubiquitous post office network with its pan-India physical presence, long experience in cash handling and savings mobilization, backed by the ongoing project of IT-enablement, to bridge this gap in Financial Inclusion.It is believed that through its 1.55-lakh branches and lakhs of postmen, IPPB will become the largest bank in the world, reaching to almost every person in the country.

Speaking on the occasion, Jaitley said that about 650 IPPB branches will be opened by September this year and that will have a multiplier impact as far as banking in India is concerned. He said, “With IPPB, banking at the doorstep will no longer remain a mere slogan, but will become a reality due to huge postal network in the country.”

He said that financial Inclusion is critical for the socio-economic development of the country, but there are significant gaps in this area and a large proportion of country’s population remain unbanked or underbanked.

In his address, Minister of Communications Manoj hoped that it will work in tandem to take the benefits of government schemes and financial services that are not easily available in rural areas to customers across the country and to the marginalised population in urban and rural areas alike.

He said, the objective of IPPB will be public service rather than promoting commercial interests.

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