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India Post Payments Bank to begin nationwide roll-out in April 2018, says government

February 12, 2018

According to the government, Indian Post Payments Bank (IPPB) expansion programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018. The government added that once the proposed expansion is completed, IPPB would 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 the doorstep with the help of postmen and gramin dak sewaks. With the launch, IPPB will be the third payments bank to have full-fledged operations after Airtel Payments Bank and Paytm.

IPPB will also enable more than 170 million active account-holders of post office savings bank to make interoperable digital payments including the benefit of NEFT, RTGS, UPI and bill payment services. Additionally, the IPPB will enable acceptance of digital payments across post offices in the country in line with the digital payments initiative of the government.

Earlier, the Department of Posts planned to roll out its branches across India from May 2018 with an investment of about Rs 14.50 billion. It added that all 155,000 post office branches will operate as access points and 650 payments bank branches will provide them back-end support.

In 2015, RBI had granted in-principle approval to 11 entities, including the Department of Posts, to set up payments banks. Payments banks can accept deposits of up to Rs 100,000 per account from individuals and small businesses. Unlike traditional banks, payments banks are not allowed to give loans or credit to customers.

Moreover, Postal payments bank had launched its pilot services in Raipur and Ranchi in January 2017 and expected to expand to 650 branches across the country by September 2017. However, its plans were delayed, as it could not sign up the system integrator within the schedule timeline.


 

 
 

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