India’s newest financial institution is set to be the country’s biggest bank
By Prabhjote Gill
India’s new public-sector company, the India Post Payments Bank (IPPB) is set to be the next biggest bank in India with financial inclusion at the helm. It terms of its network size, it’s already the largest payments bank in the country with a network that extends into the rural corners of the country.
The post office already has 34 million savings accounts that will now be able to avail digital banking services once they link their accounts to the IPPB.
That being said, it’s important to remember that payments banks are different from commercial banks in a number of ways.
Photo courtesy of Peter Haden.