Yak India Post Service Payments Depository Fiscal Establishment (Ippb) Volition Outset It's Operations Across India From April

India Post Payments Bank today announced that it volition outset pan-India ringlet out of its network from April this year. All 1.55 lakh postal service purpose branches volition operate equally access points in addition to 650 payments banking concern branches will render them back-end support.

"Once the proposed expansion is completed, IPPB volition live on providing the largest fiscal inclusion network inward the country, roofing both urban too equally rural hinterland amongst might to render digital payment services at the doorstep amongst the assist of Postmen in addition to Gramin Dak Sewaks (GDS)" the Department of Posts said inward a statement.

In 2015, the Reserve Bank of Republic of Republic of India (RBI) had granted 'in-principle' blessing to xi entities, including the Department of Posts, to develop payments banks. The Republic of Republic of India Post Payments Bank (IPPB) has been incorporated equally a world sector fellowship nether the Department of Posts amongst 100% GOI equity.  IPPB launched its airplane pilot services inward Raipur in addition to Ranchi inward Jan 2017.

What is Payments Bank ?

Influenza A virus subtype H5N1 payments banking concern is a differentiated banking concern in addition to confines its activities to credence of involve deposits, remittance services, Internet banking in addition to other specified services. Unlike traditional banks, payments banks are non allowed to laissez passer loans or credit to customers. Payments banks tin induce got deposits of upward to Rs ane lakh per describe concern human relationship from individuals in addition to pocket-size businesses.

Important Note : IPPB volition live on the 3rd payments banking concern to induce got sum fledged operations later Airtel Payments Bank in addition to Paytm.

MD & CEO of Republic of Republic of India Post Payments Bank - Suresh Sethi

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