All you need to know about India Post Payments Bank Launched by PM Modi

India Post Payments Bank

Prime Minister, Narendra Modi, launched the India Post Payment Banks on Saturday in New Delhi at the Talkatora Stadium. The bank is been seen as one of the biggest achievements in the banking sector. Reserve Bank of India will be governing this payment bank and thus people can expect a systematic flow of operations. It’s a great step to attract voeters by BJP PM before election 2019

The main aim of this bank will be to ensure successful banking and financial services to the rural areas. All the services in the bank are so planned that it will be the maximum support for the people in the not so developed areas. The authorities are planning to link 1.55 lakhs post offices to the bank. The linking along with a number of features is expected to be done by 31st December 2018.

Supporting the present idea of payment bank, PM Narendra Modi said, “Through India Post Payments Bank (IPPB) we will reach to every nook & corner of the country. Bank & banking services will be available at every person’s doorstep.” The bank is aiming to offer services like savings and current account, money transfer, direct benefit transfer, etc. through the bank’s multiple channels and technology.

The idea of this payment bank has been approved with 80% funds by the cabinet. According to the sources, this new payment bank will be so designed that it will have all the capabilities to stand strong against the existing players in the market. It is expected that this new payment bank will give tough competition to banks like Paytm Payment Banks and Airtel Payment Banks.

The India Post Payments Bank will be available at 650 branches and can be accessed through 3250 access points throughout the country. Moreover, under the current planning government will own 100% equity which further strengthens the whole idea of the bank’s working. Suresh Sethi is the managing director and chief executive of the India Post Payments Bank.

The bank is coming up with a great feature of QR code based biometric card which will be used instead of ATM debit cards. The bank has already joined hands with the stronger players in the market like PNB Metlife and Bajaj Allianz to ensure regular services to its customers. The bank is also at the urge of providing many other features in the coming future.

Please comment below, what you think about this newly introduced India Post Payment Bank and its offered services.