In yet another step towards financial inclusion utilising the vast network of post offices, the Department of Post under the Ministry of Communication is all set to offer an array of banking services to the common man.
Come Saturday, the postmen will help you open a bank account as the India Post Payments Bank (IPPB) would launch operations through 650 branches and 3,250 access points across the country.
Financial inclusion
“The India Post Payments Bank will offer a range of products such as savings and current accounts, remittances, money transfer, Direct Benefit Transfer (DBT), bill and utility payments and merchant payments. The IPPB will providing banking services to the areas yet to be covered by banks, especially in rural areas,” Post Master General Col. M. Eleesha told the media here on Friday.
Workers in unorganised sector, senior citizens, students, home makers, urban migrants, farmers, DBT beneficiaries, kirana stores and small traders who face difficulties in approaching a bank or those who can’t cope with the cumbersome procedures can avail of the services in a hassle-free manner, he said.
Giving details about the operations, Col. M. Eleesha said all account holders need Aadhaar cards and after registration, they will be provided with QR cards to transact online. The QR cards and biometric authentication would enable an array of digital transactions.
‘No connectivity issues’
“The IPPB online services will be based on mobile SIM, almost ruling out the issues of connectivity. T staff have been recruited separately for the IPPB. Gramin Dak Sevaks will offer banking services at the people’s doorsteps for which the customers need to give a missed call. An additional charge will be imposed based on the service provided,” Col. M. Eleesha said, adding that the IPPB would partner with banks and other financial institutions to provide loans, investment and insurance products too.
An IPPB Branch will function at MVP Colony sub-post office (SO), apart from four access points at Visakhapatnam Head Post Office (Velampeta), HB Colony SO, Fort Ward SO (Old Post Office) and Vidya Bhavan SO (AU School of Distance Education premises). The operations will be launched on Saturday.
“There will be six IPPB branches in Vizag region and all post offices will offer the services in the next few months,” he added.