India Post Payments Bank to operate in 650 locations

In a bid to drive the growth of financial inclusion, Union Telecom Minister Manoj Sinha claimed that the India Post Payments Bank (IPPB) is slated to be operational in over 650 locations across the country by April next year.

Sinha, who was present during the recent launch of the Deen Dayal SPARSH scholarship scheme, had said that while such institutions are already operational in two locations- Ranchi and Raipur-many more such facilities will be made available to the nation, and will be linked to 1.55 lakh rural post offices to carry out banking services.

The Raipur and Ranchi branches of the IPPB were launched on January 30 this year as a Public Sector Bank under the Department of Posts with 100 percent government of India equity.

IPPB currently offers Savings account up to a balance of Rs 1 lakh, along with digitally-enabled payments and remittance services of all kinds between individuals. In the near future, IPPB is expected to provide current accounts and access to third-party financial services like insurance, mutual funds, pension, credit products, and foreign exchange.