India Post Payments Bank Will Get 650 Branches for Last-Mile Access by Next Month
With the aim of including all citizens within a formal banking organisation, the government is planning to increase its offline footprint of the India Mail service Payments Bank (IPPB). Telecom Government minister Manoj Sinha conveyed via a written argument that the government plans to establish 650 offline branches of the IPPB past side by side month.
All of these 650 branches will human action as District Headquarters while the services volition be bachelor to citizens at all of the ane.55 lakh post offices around the country, which volition act as "last mile admission points" for the users. Sinha also informed the parliament that arrangements for utilities like electricity and furniture are being made and managers for near 530 of the branches take already been recruited.
The minister likewise shared his expectations that IPPS is likely to acquire 8 crore users in the next iv years, according to its projections. This, however, depends on the contest from providers of similar products including Paytm and Airtel Payments Bank, and the recently inducted Idea Payments Bank. Notable Paytm is also expanding its artillery and will before long begin offering mutual funds and insurance products.
The India Post Payments Bank was granted the license for operation by the Reserve Banking company of India back in January concluding year. With the payments banking company, citizens are allowed to open savings accounts with a maximum limit of ₹1 lakh. IPPB likewise has a defended app for Android which allows its customers to transact digitally. Further, in future, the payments banking concern will also offer services such as credit products, insurance, foreign commutation, and mutual funds.
Since IPPB facilitates greenbacks withdrawal using debit cards, Sinha too announced that the government intends to fix five,000 ATMs over time. These will non only allow customers to withdraw cash from their savings accounts but also let users manage their accounts without visiting the mail service role. Moreover, these debit cards are accepted at standard betoken-of-sale (PoS) machines while users can use their IPPB details to transfer coin using accepted digital methods including UPI.
Source: https://beebom.com/650-branches-india-post-payments-bank/
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