IPPB – A game changer in Financial Inclusion goal

By admin March 27, 2019 12:15

What is “India Post Payments Bank”?

India Post Payments Bank is a Government of India owned payments bank operating under the Department of Posts, Ministry of Communications, which aims to utilize all of India’s 155,015 post offices as access points and 300,000 postal service workers to provide a house to house banking services. Purpose – Rapid financial inclusion across India.

Services offered by IPPB

  • Savings and current accounts,
  • Money transfer,
  • Direct benefit transfer,
  • Bill and utility payments,
  • Enterprise and merchant payments.
  • Service delivery through counter services, micro-ATM, mobile banking app, SMS and Interactive Voice Response (IVR)

Third Party Financial Services offered by IPPB

  • Insurance,
  • Mutual funds,
  • Pension,
  • Credit products and
  • Forex
  • It will not offer any ATM debit card.
  • A QR Code-based biometric card will be provided to its customer.
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10 Important Things to Know about IPPB

1. IPPB was the third entity to receive payments bank permit after Airtel and Paytm. 2. Payments banks can accept deposits up to Rs 1 lakh per account from individuals and small businesses. 3. IPPB went live with 650 branches in addition to 3,250 access points co-located at post offices and around 11,000 Gramin Dak Sevaks (in rural area) and Postmen (in urban area) that will provide doorstep banking services. 4. The payments bank will gradually link all 1.55 lakh post offices in the country to offer the service. 5. IPPB will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. 6. IPPB has permission to link around 17 crore postal savings bank (PSB) account with its account. It has received approval for carrying out RTGS, NEFT, IMPS transaction that will enable IPPB customers to transfer and receive money from any bank account.                          7. IPPB will also launch a mobile app to facilitate online banking service as well as payment for various utilities and services like phone bill, DTH, gas connection, electricity, etc, 8. There will be 100 plus billers for which IPPB customers will be able to pay from their account. Since IPPB account can hold up to Rs 1 lakh deposit so once PSB account will be linked to them, customers will be able to transfer money from PSB to IPPB and vice-versa. Money beyond Rs 1 lakh can be kept in PSB. 9. All the billers that accept payment through Bharat Bill Payments system will be available for IPPB customers from Day 1 of the launch. 10. Customers can access their IPPB account through the mobile app but it will have limited services. Once a customer completes KYC (know your customers) requirement, the app will start offering all the banking service. [Source : Economic Times]   Read Also:-All You Need To Know About Indian Space Program Read Also:-Some Important Terminologies Related to Budget you should know]]>

By admin March 27, 2019 12:15