India Posts’ payments bank to begin operations from April

Thursday, February 15, 2018

India Posts Payments Bank (IPPB) is all set to roll out operations on a pan-India level from April this year, which will also include digital transactions.

The payments bank will leverage India Posts’ around 1.55 lakh post offices, almost 70% of which are in rural areas, to cover around 650 districts in the country. The bank will have multiple customer access points in all the districts to reach out to the un-banked. It will begin with around 3,500 personnel, most of which will be from the banking and related sectors.

“India Post Payments Bank (IPPB) Expansion Programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018,” department of posts said in a statement.

IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with the ability to provide digital payment services at doorstep with the help of postmen and gramin dak sewaks (GDS), it added.

Photo courtesy of pixelfusion3d.

Source: Financial Express (link opens in a new window)

digital payments, fintech