The India Post Payments Bank (IPPB) is a government-owned financial institution in India. It was launched in 2018 with the aim of providing banking services to the unbanked and underbanked population of the country, particularly in rural areas. IPPB operates as a public limited company under the Department of Posts, Ministry of Communications.
The key objectives of IPPB include offering basic banking services like savings accounts, current accounts, money transfer, and other financial products. It leverages the extensive postal network of India to reach remote and rural areas, making banking services more accessible to people who might not have easy access to traditional banks.
Customers can open savings accounts with IPPB, and the bank provides services such as mobile banking, bill payments, and facilitating various financial transactions. The goal is to promote financial inclusion and ensure that a larger segment of the population has access to banking services.
Services of IPPB.
The India Post Payments Bank (IPPB) provides a range of banking and financial services, with a focus on reaching the unbanked and underbanked population. Some of the key services offered by IPPB include:
1. **Savings Accounts:** IPPB offers regular savings accounts with features such as interest on deposits and the ability to link them with mobile banking.
2. **Current Accounts:** Business customers can avail current accounts with facilities like overdrafts and other business-related services.
3. **Money Transfer:** Customers can transfer money within India, including services like domestic remittances.
4. **Mobile Banking:** IPPB provides mobile banking services, allowing customers to perform various transactions through their mobile phones, such as balance inquiries, fund transfers, and bill payments.
5. **Direct Benefit Transfer (DBT):** IPPB facilitates the distribution of government subsidies and benefits directly to the bank accounts of beneficiaries, promoting financial inclusion.
6. **Bill Payments:** Customers can pay utility bills, mobile recharge, and other bills through IPPB's banking channels.
7. **Financial Products:** The bank may offer financial products like fixed deposits, recurring deposits, and other investment options.
8. **Doorstep Banking Services:** Leveraging the extensive postal network, IPPB provides doorstep banking services, enabling customers to access basic banking facilities without visiting a bank branch.
These services aim to make basic banking more accessible, especially in remote and rural areas, and contribute to the government's goal of financial inclusion. Keep in mind that the specific services offered may evolve over time, so it's advisable to check with IPPB for the most up-to-date information.