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PM Modi To Inaugurate India Post Payments Bank On Aug 21

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Kalinga TV News Network

New Delhi: PM Narendra Modi is all set to inaugurate the India Post Payments Bank (IPPB) on August 21. The IPPB, whose two branches are already functioning, will have at least one branch in every district in the country to provide financial services in rural areas.

As per official information, a total of 648 branches of the IPPB will be launched in every district spanning across all the states in the country. Through this venture, the government is aiming to form India’s largest banking network directly related to the rural belt. There is also a proposal to link the currently operating 1.55 lakh post office branches with IPPB by the end of 2018.

The IPPB has also been allowed to deal with RTGS, NEFT, IMPS transaction that will facilitate online money transfer. The services of the IPPB will also be utilised by the government for distributing NREGA wages, subsidies and pensions. Besides this, users will also be able to make miscellaneous payments for payment of electricity bills, DTH recharge, mobile recharge, etc.

With the advent of IPPB, rural population will have access to digital banking and financial services including money transfer to any bank account either with help of a mobile app or by visiting their nearest post office.

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