The country's largest payment bank will start from September 1. Prime Minister Narendra Modi will inaugurate India Post Payment Bank (IPPB). Earlier this bank had to start from August 21, but it was avoided after declaring a seven-day national mourning following the death of former Prime Minister Atal Bihari Vajpayee.
People from rural areas will get benefits, according to IPPB CEO Suresh Sethi, people from rural areas can take advantage of digital backing. The mobile app or post office will be able to transfer money to any bank account.
An official of the Communication Ministry said that two branches of the IPPB are already in progress, while the remaining 648 branches will be opened in every district outside the country. In the 1.55 lakh post-office branches of the IPPB, people will be benefitted in banking or financial servicesAccordin to IPPB executive officer Suresh Sethi, we are ready to start with operational, technical level and market perspective. The IPPB banking service will prove to be a good thing for the post office. CEO Sethi said that after investigating the entire system, RBI has approved the operation of the IPB and we are ready to start. However, he did not disclose the date.
Airtel, third bank after PATM
It may be recalled that the IPPB is the third unit after Airtel and PATIm to get approval from the payment banks. According to Sethi, the IPPB has begun more than 250 experiments with some close users for testing its own system.
