100 Assam post offices to have IPPB services on day 1

The postal authorities of Assam today said the services of the India Post Payments Bank (IPPB) would be available in 26 branches and 100 post offices in the state on the day of its launch on September 1.

The IPPB would be launched by Prime Minister Narendra Modi on that day to leverage reach of 1.55 lakh post office branches in the country to provide banking and financial service to people in rural areas.

The IPPB service would be available to all the post offices of the state by December 31, Chief Post Master General, Assam Circle, Vishvapavan Pati said.

It was aimed at the financial inclusion agenda of the government by removing the barriers for the unbanked and underbanked population, he said.

Payments banks can accept deposits of up to Rs 1 lakh per account from individuals and small businesses. The IPPB will be used by government to distribute NREGA wages, subsidies, pension etc.

A wide range of products and services such as savings account, current account, money transfer, direct benefit transfer, 3rd party products, bill and utility payments and enterprise and merchant payments will be offered by the IPPB, Pati told reporters here.

Mobile banking, SMS/Missed Call Banking, Internet Banking, interactive voice response (IVR)/Call Centre and innovative delivery channels, including Post Office Counter and Door Step Banking, the CPMG said.