India Post Payments Bank Launch Eyes Financial Inclusion

Tuesday, August 7, 2018

India Post Payments Bank (IPPB) is set to open a branch in every district on Aug. 21 to provide financial services in rural areas. IPPB, a subsidiary of India Post, launched last year with pilot services in Raipur and Ranchi. The financial institution (FI) is now reportedly set to open an additional 648 branches throughout the country this month. In fact, there will be at least one branch in every district.

IPPB CEO Suresh Shetty has also revealed that 3,250 access points will be opened, co-located at post offices, and 11,000 postmen will be stationed both in rural and urban areas to provide doorstep services. The bank will create and link 170 million postal savings bank (PSB) accounts, which will enable IPPB customers to transfer and receive money from any bank account.

Photo courtesy of Peter Haden.

Source: PYMNTS (link opens in a new window)

financial inclusion, rural development