India Post To Start Payments Bank Soon

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India Post to start payments bank soon

India Post Payments Bank is expected to go live with 650 branches and around 17 crore accounts in August, following clearance from Reserve Bank of India to start operations.

India Post Payments Bank (IPPB) MD and CEO Suresh Sethi said, “We are looking at launch date. From an operational, technology and market perspective, we are ready to go live”. He confirmed that RBI has given approval to IPPB after testing its entire system. The final approval for the launch of IPPB was pending before the RBI.

“We have already started testing within closed user group and it is very much running on a national basis. As we speak we are already doing it at around 250 branches,” Sethi said.

IPPB will go live with 650 branches in addition to 3,250 access points co-located at post offices and around 11,000 ‘gramin dak sevaks’ (in the rural area) and postmen (in urban area) that will provide doorstep banking services.

“With this, we will provide banking services across 1,700 counters and 11,000 doorstep service. IPPB has permission to link around 17 crore postal savings bank (PSB) account with its account. We have received approval for carrying out RTGS, NEFT, IMPS transaction that will enable IPPB customers to transfer and receive money from any bank account. It will facilitate almost full fledge banking,” the bank’s CEO said.

“Once a customer completes KYC (know your customers) requirement, the app will start offering all the banking service,” he added.

IPPB will also launch a mobile app to facilitate online banking service as well as payment for various utilities and services like the phone bill, DTH, gas connection, electricity etc.

“There will be 100 plus billers for which IPPB customers will be able to pay from their account. Since IPPB account can hold up to Rs 1 lakh deposit so once PSB account will be linked to them, customers will be able to transfer money from PSB to IPPB and vice-versa. Money beyond Rs 1 lakh can be kept in PSB,” Sethi said.

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