2 min read.Updated: 22 Aug 2018, 04:55 PM ISTLivemint
India Post Payments Bank has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts
New Delhi: Prime Minister Narendra Modi will launch India Post Payments Bank (IPPB) on September 1, news agency PTI, reported, citing a senior government official. India Post Payments Bank will focus on providing banking and financial services to people in rural areas, by leveraging the reach of 1.55 lakh post office branches. The launch of India Post Payments Bank, the PTI report said, was rescheduled in the wake of seven-day national mourning declared after the demise of former Prime Minister Atal Bihari Vajpayee. Prime Minister Narendra Modi was to launch India Post Payments Bank on August 21.
Here are 10 things to know about India Post Payments Bank :
1) India Post Payments Bank CEO Suresh Sethi had earlier said that the payments bank will go live with 650 branches in addition to 3,250 access points co-located at post offices. Around 11,000 postmen both in rural and urban areas will provide doorstep banking services.
8) Payments banks can accept deposits of up to ₹ 1 lakh per account from individuals and small businesses.
9)The payment bank will be used by government to distribute NREGA wages, subsidies, pension etc.
10)The India Post Payments Bank app which is expected to be launched on same day will enable customers to pay for services of around 100 firms including phone recharges and bill, electricity bill, DTH service, college fees etc that are present on Bharat Bill payments system of National Payments Corporation of India.