PM says IPPB to revolutionalise banking
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PM says IPPB to revolutionalise banking

New Delhi, Sept 1: Prime Minister Narendra Modi on Saturday said the India Post Payments Bank (IPPB) will bring social, economical changes in the country and through this, the Bank will be available at every person's doorstep.

Mr Modi, launching the Bank here, said his government first opened crores of accounts of rural people through Jan Dhan scheme, and from today the bank services have begun to be delivered on the doorstep of the village and the poor.

“Our government is reforming the old systems, working to transform them. Though e-mails have replaced our beloved letters the goal is same. The technology that challenged post offices, we use it as an opportunity to advance towards making progress,” he added.

The Indian Postal department has a 1.5 lakh post offices across the country and more than 3 million postmen are connected to the masses with it. The Government has taken the services of postmen and Grameen Dak Sevaks to transform it into the most powerful system in the 21st century. All postmen carry smartphones and a digital device to provide its service to the poor’s doorstep, the Prime Minister added.

With the launch, the IPPB services were started at its 650 branches and 3,250 access points spread across the country. By December end, the services would be available at all 1.55 lakh post offices. The Bank would offer a range of products such as savings and current accounts, money transfer, direct benefit transfer, bill and utility payments and enterprise and merchant payments. These products and services would be given through counter services, Micro-ATM, mobile banking app, SMS and IVR.

The Bank would deploy 40,000 postmen and 2.60 lakh Grameen Dak Sevaks to reach out the every corner of the country.To make it available at all rural areas, the Union Cabinet had also approved total sum of Rs 1,435 crore for setting up of the Bank. (UNI)