Prime Minister Narendra Modi will launch the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi today.
IPPB has been envisioned as an accessible, affordable and trusted bank for the common man to help speedily achieve the financial inclusion. It will leverage the vast network of the Department of Posts, which covers every corner of the country with more than three lakh Postmen and Grameen Dak Sewaks.
The launch of India Post Payments Bank marks another significant milestone in the government’s endeavour to take the benefits of a rapidly developing India to the remotest corners of the country.
On the day of the launch, IPPB will have 650 Branches and 3250 Access Points spread across the country. The launch events will simultaneously be held at these branches and access points.
All the one lakh 55 thousand Post Offices in the country will be linked to the IPPB system by 31st of December this year.
The Bank will offer a range of products such as savings and current accounts, money transfer, bill and utility payments and merchant payments.