Indian Post Payment Bank
- 1PPB use Aadhar Card to open accounts , while biometrics will drive authentication. Transaction and payments.
- The aim of IPPB is to exploit or take advantage on the unmatched network of post office and huge workforce of postman.
- As per the guidelines laid out by the RBI, it can accept deposits up to 1 Lakh per consumer, offer payment and remittance services, mobile payments/ purchases / transfer and other banking services like ATM / Debit Cards, Net banking and third party fund transfer.
- The Institution will operate like small scale bank, but cannot issue loans or issue credit cards.
- The Bank will offer an interest rate of 4% on saving accounts and its facilities can be accused through as many as 650 Branches and 3,250 Access point.
- To Fulfil the goal of financial inclusion around 1.3 Lakh access point will be located particularly in rural areas.
- Moreover, the deposits in any account that exceeds 1 lakh will be automatically converted into post office saving account.
- The bank is solely owned by department of posts, Government of India and offer services like counter services, micro ATM, Apps, Messages etc.,
- To Increase its competency on par with the market player’s like Airtel and Paytm Payments, the government has given to 80% Hike in spending on IPPB.
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