PM Modi Launches India's Largest Payments Bank: 10 Facts

New Delhi:  Prime Minister Narendra Modi launched India Post Payments Bank or IPPB -- the largest payments bank in the country by network size -- in New Delhi today. A payments bank operates on a small scale; it carries out most banking operations, but cannot give loans or issue credit cards directly. The IPPB's full services will be made operational at 650 branches the moment PM Modi inaugurates the facility. The new bank will leverage the postal department's vast network across India and help people in previously unbanked rural locations to use banking services easily, the Prime Minister's Office tweeted. The payments bank sector in India grew and expanded in lightning speed after the Reserve Bank of India approved several applicants in 2015.