PM Modi Launches Post Payments Bank

Prime Minister, Narendra Modi, announced the launch of India Post Payments Bank (IPPB) on Saturday.

Speaking on the occasion, the Prime Minister said that through the India Post Payments Bank will conveniently reach the remotest places in the country, and the people living there.

He recalled that the Union Government had earlier rolled out the Jan Dhan Yojana to establish financial inclusion.

He said that today's launch of IPPB is one more step to achieve this objective.

PM informed that IPPB branches have opened across 650 districts today.

The Prime Minister also said that the postman has long been a respected and accepted person in the villages.

PM further said that the trust on the postman remains, despite the advent of modern technology.

The Government's approach is to reform existing frameworks and structures, and hence, transform them in accordance with the changing times, PM added.

He said that there are over 1.5 lakh post offices and over three lakh postmen or "grameen dak sevaks" who are connected to the people of the country. Now they shall be empowered with smartphones and digital devices to provide financial services.

The vision of IPPB is to build the most accessible, affordable and trusted bank for the common man, to spearhead the financial inclusion agenda of the Government.

IPPB will have 650 Branches and 3250 Access Points spread across the country and it will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments.

These products and related services will be offered across multiple channels (counter services, micro-ATM, mobile banking app, SMS, and IVR), using the bank's state-of-the-art technology platform.

Source