Indian Post Payment Bank or IPPB is launched by the Government of India officially. This was planned to launched about one year ago and as testing purpose, 2 branches were opened in Raipur & in Ranchi. This Saturday on 1st September Prime Minister Narendra Modi in Delhi officially launched Indian Post Payment Bank system. Thus your bank will be next to your door. This is managed by the Indian Postal Department and 100% owned by the Government of India. This is nothing just digitalization of India Post Banking. So let’s talk about further about this IPPB payment system like how it works & how this can benefit you.
Indian Post Payment Bank (IPPB) Launches by The Govt. of India
- This accepts a deposit of Rupees 1 lakh for an individual account.
- You can get 4% interest on your saving bank account.
- This will require Aadhar card to open an account & authentication will be done using QR cards & biometrics. Seems every Grameen Dak Sewak will leave pen & paper stuff rather you will have smartphones, biometrics, Computers etc.
- IPPB to spend 1,435 crores to compete with the Airtel Payments bank, Paytm etc. Seems they are coming with fully armed into the market.
- Currently, this has 650 branches and 3200+ access point over the country but Indian Post Payment Bank to cover up over 1.5 lakh post offices by the December 2018 & will reach to every rural area.
- IPPB to offer also the common banking services like mobile payment, transfer, recharge and they are to provide ATM cards, fund transferring & also Debit cards.
- Still, IPPB has no plan to mandate loan & credit cards.
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So IPPB is fully equipped & owned by the Government of India. But in comparison to other Mobile Banking platforms like Paytm, UPI or Airtel Payments Bank this can’t compete with them I think as they have already established in the market and providing much more payments features. But when you think about to digitalizing the old India Post whole banking system then this would work better replacing the old Banking Methods.