India Post Payments Bank
India Post Payments Bank - A Major initiative towards financial inclusion
The Prime Minister, Shri Narendra Modi, launched the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi on September 1, 2018. The function was witnessed at over 3000 locations across the country, that were connected to the main event in Delhi. Speaking on the occasion, the Prime Minister said that through the India Post Payments Bank, banking services will conveniently reach the remotest places in the country, and the people living there. He recalled that the Union Government had earlier rolled out the Jan Dhan Yojana to establish financial inclusion. He said that today's launch of IPPB is one more step to achieve this objective. He said IPPB branches have opened across 650 districts.
The Prime Minister said that the postman has lohg been a respected and accepted person in the villages. He said the trust on the postman remains, despite the advent of modern technology. He said that the Government's approach is to reform existing frameworks and structures, and hence, transform them in accordance with the changing times. He said that there are over 1.5 lakh post offices and over three lakh postmen or "Grameen dak sevaks" who are connected to the people of the country. Now they shall be empowered with smartphones and digital devices to provide financial services. Enumerating the benefits of IPPB, he said it will enable money transfer, transfer of government benefits, bill payments and other services such as investment and insurance. He ‘added that postmen would deliver these services at the doorstep. He said that IPPB will also facilitate digital transactions, and help deliver the benefits of schemes’ such as Pradhan Mantri Fasal Bima Yojana, which provides assistance to farmers. The Prime Minister said that since 2014. the Union Government has been dealing firmly with the distortions and problems that had arisen in India's banking sector due to indiscriminate loan advances. He said existing loans have been reviewed and a professional approach has been taken with regard to the banking sector. He mentioned other measures such as the Fugitive Economic Offenders Bill, which have been taken to ensure that the guilty are punished. The Prime Minister said that now Mudra loans worth over 13 lakh crore rupees have been given to the poor and middle class, for creating self-employment opportunities. He said that today, as India achieves its best ever Asian Games performance, and the economy shows excellent growth numbers, the entire country is full of new self-confidence. He said this is the result of the collective efforts of the people. He said today India is not just the fastest growing economy in the world, but also the country that is eradicating poverty the fastest. The Prime Minister said that 3 lakh "dak sevaks" would be the key to provide financial services to every home, every farmer and every small enterprise in the villages. He mentioned that in recent months, several steps have been taken for the welfare of "dak sevaks" and to meet their long pending demand. These have led to a substantial increase in their salary, he added. He expressed confidence that IPPB shall reach over 1.5 lakh post offices across the country within the next few months.
India Post Payments Bank
To build the most accessible, affordable and trusted bank for the common man and to spearhead the financial inclusion agenda by removing the barriers for the unbanked and underbanked population is the prime vision and mission behind the launching of IPPB. IPPB has been set up under the Department of Posts, Ministry of Communications, with 100% equity owned by Government of India.
IPPB 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 etc. These products, and related services will be offered across multiple channels (Counter Services, Micro-ATM, Mobile 0 Banking App, SMS and IVR), using a bank grade, cutting-edge technology platform. IPPB will partner with financial organizations to provide loans, investment and insurance products.
The IPPB has a vast network, with a rural India penetration of 130,000 access points (Post Offices), which is nearly 2.5 times the number of bank branches in rural India today. A large workforce of 3 lakh+ Postmen and Gramin Dak Sevaks (GDS) will offer Assisted Doorstep Banking in rural, urban and remote areas.