IPPB will be a milestone for banking in Odisha: Pradhan

India Post Payments Bank (IPPB) will bring in a paradigm shift in extending banking services to the people of Odisha, Union Minister of Petroleum and Natural Gas and Skill Development and Entrepreneurship, Dharmendra Pradhan said, while launching the IPPB banking services at the Chief Post Master General (CPMG) office in Bhubaneswar on Saturday.

Addressing the gathering during the launch, Pradhan said, "Changing communications landscape with the advent of emails and digital media is a challenge for postal services. India Post Payments Bank will reinvent the postal services by leveraging the unparalleled network of India Post and unleash the power of digital revolution."

Highlighting the facilities being offered by IPPB, he said, "This facility will offer a range of services such as savings and current accounts, remittances, money transfer, direct benefit transfers, utility payments, enterprise and merchant payments. IPPB will provide affordable and trusted banking services at the doorstep and give speed to our government's objective of a holistic financial inclusion."

Terming it a giant leap for rural India, Pradhan said the IPPB will bring new economic and job opportunities in villages and also revolutionise the Indian Postal Services.

After the launch of the ceremony, the Union Minister, while speaking to ANI, said over 1.5 lakh branches of the IPPB will be operational by the end of the year.

"Through IPPB, the bank will reach the homes of poor, Dalits, Schedule Caste, Scheduled Tribes, women, and so on, and this is what we call development for all. In Odisha, 4500 Panchayats were bereft of the banking system, but the state has 8215 postal branches and banking system will reach them through IPPB in some time. I am sure the scheme is going to be a milestone in Odisha's development".

The IPPB service was launched by Prime Minister Narendra Modi from New Delhi on Saturday.