Cabinet approves India Post payment bank
After the Jan Dhan Yojana... this will perhaps be the govt's second biggest measure to boost financial inclusion in the country.
The Union Cabinet has approved setting up of India Post Payments Bank.
The bank would use the existing network of India Post. India Post payments bank will have a corpus of 800 crore rupees and will have 650 branches by September 2017.
1. India Post Payments Bank becomes Public Limited Co. under the Dept of Posts.
2. With 1.54 lac Post offices and 650 Payments bank branches in district HQ locations on core banking it will be the largest bank in the world in terms of reach.
3. All post offices including the 1.39 lac of the rural post offices will be the access points.
4. These post offices will be equipped with Micro-ATMs for facilitating both cash and digital transactions.
5. 1.7 lac delivery postmen and Grameen Dak sevaks, savings agents and other postal franchisees will take banking to door steps.
6. Also it will have additional access points through about 5000 ATMs, mobile and internet banking.
7. It will offer basic banking, payments of DBT benefits, utility bills, collection of taxes/fees, remittances etc.
8. It will also provide easy access to loans, collect EMIs, provide insurance, pensions, investment opportunities.
More than 50 national and international banks, insurance companies, money transfer organisations are keen to tie-up with IPPB.