Union Minister for Health and Family Welfare J.P. Nadda will inaugurate the Vijayawada branch of the India Post Payments Bank (IPPB) at SS Convention Centre near Chennupati petrol pump here on Saturday.
It is one of the 24 such branches being rolled out in Andhra Pradesh and all 10,490 post offices (access points) in the State will offer IPPB services by the end of December 2018, said Chief Postmaster General (A.P. Circle) K. Balasubramanian.
Addressing mediapersons here on Friday, Mr. Balasubramanian said an IPPB was structured as a digital bank that would leverage the Department of Post (DoP)’s infrastructure to promote cash-less economy.
Assisted doorstep banking services and QR card-enabled digital transactions were the unique features of IPPB.
Postmen would be rendering services at the customers’ doorstep in villages, for which they were given necessary training. IPPB accounts could be opened using Aadhaar and mobile phone numbers within minutes.
Pilot project successful
Mr. Balasubramanian said the DoP was given a licence to set up the IPPB in August 2015 and two branches were set up on a pilot basis in 2017. The project has since taken off across the country with the total number of branches standing at 650.
Assistant postmaster general Sharma and IPPB Vijayawada branch senior manager G. Prasanthi were present.