India Post Payments Bank (IPPB), a subsidiary of India Post, will be launched in Dakshina Kannada on September 1 when Prime Minister Narendra Modi launches the bank nationwide.
Union Minister for Statistics and Programme Implementation D.V. Sadananda Gowda will inaugurate the branch and five access points in Mangaluru on that day, according to Diwakara, Senior Superintendent of Post Offices, Mangaluru.
Mr. Diwakara told reporters here on Wednesday that the bank, under the Ministry of Communications, is wholly owned by the Union government. The main objective of the bank is to provide the most accessible, affordable and trusted bank for the common man. It also aims at spearheading the financial inclusion agenda by eliminating barriers for the “unbanked” under the “banked populace”.
The main branch of the bank would be located at Balmatta Post Office while its access points would be available at Mangaluru Head Post Office, Balmatta, Katipalla, Kuthethoor and Soorinje post offices. India Post intends to roll out the facility across the country by December 2018. All 542 post offices in Dakshina Kannada would become access points by December 31, Mr. Diwakara said.
A range of products, including savings and current accounts, remittances and money transfers, direct benefit transfer, bill and utility payments and enterprise and merchant payments, would be available for the general public at the bank.
Mr. Diwakara said that products and services of the bank would be offered through multiple channels using bank-grade, cutting-edge technology. The bank would partner with financial institutions to provide loans, investment and insurance products, he added.
There would be no hassles in opening an account; one can open an account using Aadhaar card in minutes which facilitates customers to perform digital transactions with the help of QR codes and biometric authentication. Mr. Diwakara said that the ground staff, postmen and gramin dak sevaks, would get financial incentives to open and operate IPPB accounts.