India Post Payments bank
03, Sep 2018
Prelims level : Indian Economy Mains level :
Prelims: Indian Economy
- Prime Minister Narendra Modi launched India Post Payments Bank (IPPB) under Indian postal department, in a bid to take banking to the doorsteps of its
- The aim of India Post Payments Bank (IPPB) was to cash in on the unmatched network of post offices and a huge workforce of 3 lakh
- The objectives of setting up of payments banks will be to further financial inclusion by providing
- Small savings accounts
- Payments/remittance services to migrant labour workforce, low income households, small businesses, other unorganised sector entities and other
- The government owns 100 per cent in IPPB, which has been set up under the aegis of the Department of Posts, and will offer products and services through multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response.
- IPPB will leverage tech platforms. It will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments. Grameen Dak Sewaks will be armed with smartphones and biometric devices to handle
- The institute will operate like a banking organisation, but with smaller scale operations. Most banking operations like accepting deposits shall be done, but they cannot give loans or issue credit
- As per guidelines laid out by the Reserve Bank of India, it can accept deposits of up to Rs 1 lakh per customer, offer payments and remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund
- It has tied up with PNB and Bajaj Allianz Life Insurance for products such as loans as well as Around 1.30 lakh access points will be located in rural areas, which thegovernment hopes to fulfil its financial inclusion goal. The IPPB also has a nod to link around 17-crore postal savings bank (PSB) accounts with its own set-up.
- Phone Banking- provides the convenience to access your bank account from the comfort of your home, while at work or on the move. You can get information on your bank account, IPPB’s products & services and resolve queries. For this you need to call our PHONE BANKING service on our toll-free number 155299.
- Missed Call Banking- you can get your account information without any hassles, through the facility of missed call banking. Register your mobile number for IPPB’s missed call banking service and start availing the
- SMS Banking- provides the facility of SMS banking so that customers can quickly access the account details on their mobile phones, simply by sending an SMS to the IPPB’s SMS Banking
Mobile Banking- state-of-the-art, simple, secure and easy-to-use Mobile banking service through a Mobile app to access your IPPB account