Describing the India Post Payments Bank (IPPB) as the world’s largest scheme of financial inclusion, Union Minister for Health and Family Welfare J.P. Nadda hoped that by leveraging the Department of Post (DoP)’s huge network of 1.55 lakh post offices, the IPPB would bring banking services to the doorsteps of crores of customers, thereby transform them into a digitally empowered society.
Launching the Vijayawada branch of IPPB here on Saturday, Mr. Nadda said the IPPB would supplement the services being rendered by 90,000-plus commercial banks and it would be a boon to the people in rural areas who can’t afford to travel long distances to banks.
Digital platforms
Over three lakh postmen and women would serve as the last mile delivery agents of IPPB and they constitute its backbone. The DoP has created the requisite digital platforms for conduct of transactions with no hassles of documentation.
MP K. Ravindra Kumar suggested to the senior officers of DoP to raise the limit of savings and current account deposits in IPPB from ₹1 lakh. Chief Postmaster General (A.P.) K. Balasubramanian and Mayor K. Sridhar were present.