India Post Payments Bank at 60 post offices in Central region

The India Post Payments Bank (IPPB), a subsidiary of India Post, will be rolled out in 60 post offices linked to the 12 branches of the IPPB in the Central region on September 1. Prime Minister Narendra Modi will inaugurate the IPPB across the country at New Delhi on that date.

The 12 IPPB branches in the Central region where the new facility is to be rolled out on September 1 are Tiruchi, Chidambaram, Cuddalore, Karur, Kumbakonam, Mayiladuthurai, Tiruvarur, Karaikal, Pudukottai, Perambalur, Thanjavur and Udayarpalayam. In the first phase, 60 post offices would be linked to the 12 branches of the IPPB. The remaining post offices would be linked to the IPPB network in the coming months.

The objective of establishing the IPPB is to build the most accessible, affordable and trusted bank for the common man through the already established post office network, said Ambesh Upmanyu, Postmaster General, Central Region- Tamil Nadu Circle, Tiruchi.

Speaking to reporters here on Thursday, Mr. Upmanyu said customers need not maintain any minimum balance in the savings account in the IPPB and could have a deposit up to Rs. one lakh. IPPB account could be opened within minutes using the Aadhaar number. It would facilitate customers to perform digital transactions with the help of QR cards and biometric authentication, Mr. Upmanyu said.

The unique selling point of IPPB is doorstep banking which would be operational through postmen. Besides doorstep services, IPPB would also allow Direct Benefit Transfer to customers.

Cash would be delivered at the doorstep through postmen with the help of hand-held devices which would ensure less chance of fraud as accounts would be linked to Aadhaar biometric authentication, Mr. Upmanyu said. Account holders of Post Office Savings Account (POSA) could link their savings bank account with the IPPB account. This interoperability would also allow deposit from IPPB account into products including PPF and RD.

In the IPPB accounts, the balance on reaching the maximum threshold of Rs. one lakh would be transferred to the linked POSA. Ahead of the national launch, a special drive was conducted in the Central region to enrol new customers for the IPPB.

As many as 6,150 IPPB accounts have been opened in the region which includes 1,525 accounts by students; 1,845 accounts by vegetable vendors and 2,150 accounts by small vendors.

Source