Finance Minister Arun Jaitley and Minister of Communications Manoj Sinha launched the operations of the India Post Payments Bank (IPPB)

Finance Minister Arun Jaitley and Minister of Communications Manoj Sinha launched the operations of the India Post Payments Bank (IPPB) on Monday as two pilot branches at Raipur and Ranchi through video conferencing from New Delhi.

Speaking on the occasion, Finance Minister said that about 650 IPPB branches will be opened by September this year and that will have a multiplier impact as far as banking in India is concerned.Finance Minister said, with IPPB, banking at the doorstep will no longer remain a mere slogan, but will become a reality due to huge postal network in the country.

He said that financial Inclusion is critical for the socio-economic development of the country, but there are significant gaps in this area and a large proportion of country’s population remain unbanked or underbanked.

IPPB will effectively leverage the ubiquitous post office network with its pan-India physical presence, long experience in cash handling and savings mobilization, backed by the ongoing project of IT-enablement, to bridge this gap in Financial Inclusion, he added.

Lauding the hard work done by the Department of Posts in setting up the India Post Payments Bank, Minister of Communications Manoj Sinha said both organizations will work in tandem to take the benefits of government schemes and financial services that are not easily available in rural areas to customers across the country and to the marginalized population in urban and rural areas alike.

The objective of IPPB will be public service rather than promoting commercial interests, Sinha said.

In a release, Ministry of Communications & Information Technology said, the USP of IPPB will be its ability to ease access and handhold the adoption of new age banking and payments instruments among citizen of all walks of life through the delivery by postmen and Grameen Dak sevaks.

IPPB thus aspires to the most accessible, affordable and trusted bank for the common man with the motto – “No customer is too small, no transaction too insignificant, and no deposit too little”.

IPPB received the cabinet’s approval on 1st June, 2016 and was incorporated as on 17th Sept, 2106. Today it became the second payments bank to launch its operations.

Anil Kumar , chief post master general, Jharkhand circle exhibiting the online inauguration of India Post Payment Bank on Monday, (Parwaz Khan/HT Photo)

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