Excelsior Correspondent
JAMMU, Aug 30: The Prime Minister Narendra Modi will launch India Post Payments Bank (IPPB) on September Ist from Talkatora Stadium, New Delhi.
A total of 650 branches and 3250 access points will be launched simultaneously throughout the country on Saturday and by the end of December 2018 all the 1.5 lakh Post Offices will start serving as the India Post Payments Bank access points. In J&K State, there will be 8 branches of India Post Payments Bank located at Jammu, Kathua, Udhampur, Rajouri, Srinagar, Anantanag, Baramulla and Leh and all these branches will be started on Sept Ist, 2018 . Apart from 8 IPPB Branches, 40 Access Points will also start functioning from Saturday.
The State launch of IPPB at Jammu will be done by Minister of State in PMO, Jitendra Singh who will be the chief guest for the occasion and MP Jammu Lok Sabha Parliamentary Constituency, Jugal Kishore Sharma will be the guest of honour.
This was informed by Debtoru Chatterjee, Postmaster General, Jammu region while addressing a press Conference here today.
He disclosed that IPPB will leverage the network of 1.55 lakh post office branches to provide banking and financial service to people all over the country. This will create the country’s largest banking network with direct presence at village level.
The salient features of IPPB which includes paper less banking with most secure Aadhar enabled transactions and door step banking, Trust of India Post, zero balance account, payment bank for Government of India also as it will be used for transferring benefits (subsidies, scholarships, pension etc) directly in the account holder account aimed at targeting the unbanked millions who are still outside the formal banking channel. The targeted segments are various beneficiaries of welfare schemes of Central/State Government, migrant workers, cooperative societies, dairy federations, old age pensioners, merchants, students, homemakers etc.
India Post Payments Bank (IPPB) was setup under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India, on August 17, 2016.
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