Post Payment Bank in Pune

On Aug 30, 2018

NP NEWS NETWORK

Department of Posts is setting up India Post Payments Bank (IPPB) which will have 650 branches and approximately 1.55 lakh access points providing different digital payment services to the customers across the country. India has traditionally been cash dominated economy and such will be in Pune.

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Launch function of India Post Payment Bank Pune Branch under Pune City West Division will be held on 1^st September, 2018 at 2.30 pm. at Pune City HO by auspicious hands of Prakash Javadekar, Minister of Human Resource Development. Anil Shirole, Member of Parliament and Mukta Tilak, Mayor, Pune City will be Guest of Honor for the function. All members of public and representatives of press and media are cordially invited on this occasion.

In order to evolve as a digital economy, it is critical to have points of presence where cash can be converted to digital money. IPPB is structured as a digital bank and will leverage DOP’s physical infrastructure consisting of 1.55 lakh post offices to provide last mile banking services. The launch of IPPB will double the retail banking infrastructure in the country and provide an unprecedented impetus to digital payments.

India Post Payments bank will offer a range of products such as savings and current accounts, remittances and money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. These products, and related services will be offered across multiple channels (Doorstep banking, Counter Services, Micro ATM, Mobile Banking App, SMS and IVR), using a bank grade, cutting edge technology platform. Additionally, IPPB will partner with financial organizations to provide loans, investment and insurance products.

For IPPB, the last mile service partner is the Postmen, who represent sovereign trust. IPPB will make banking and payments simple. Using Aadhar, it will open paperless accounts in minutes and allow customers to make digital transactions with the help of QR Cards and biometric authentication. IPPB will be India’s ‘Most Accessible Bank’ with a network of 155000 post offices countrywide, and 300000+Postman and GDS servicing the last mile.

Prime Minister of India Narendra Modi has agreed to dedicate the services of the India Post Payments Bank to the nation on 1^st September, 2018. Alongside the national launch from New Delhi, there will be a simultaneous launch of 650 branches of IPPB from District Headquarters and another 2600 access points spread across the country.