India Post Payments Bank crosses 1.25 lakh branches, soon to hit 1.5 lakh

The government has opened around 1.25 lakh branches of India Post Payments Bank and soon, it will have operations across over 1.5 lakh locations, Communications Minister Manoj Sinha said Friday.

"Department of Posts (DoP) has opened India Post Payments Bank for unbanked and underbanked people. There are lump sum 1.25 lakh branches. Shortly, it will have 1.5 lakh branches," Sinha said while unveiling post stamp on Mahamati Prannathji.

Prime Minister Narendra Modi launched IPPB on September 1 last year with an aim to take banking services to the doorstep of every citizen by arming three lakh postmen and 'Grameen Dak Sewaks' with digital aids to deliver financial services.

The payments bank can accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services such as ATM/debit cards, net banking and third-party fund transfers. However, it cannot offer loans directly, or issue credit cards.

"Since the time of independence, there were around 1.3 lakh bank branches, we are going to provide more bank branches than that," Sinha said.

Talking about the stamp launch, the minister said that earlier, it was a trend in this country that post stamps of only special people from prime families were issued.

"After 2014, under the direction of Prime Minister, Department of Posts had a mandate to issue post stamps of people of eminence who made special contribution at national and international level. In this sequence, this post stamp has been issued today. I am fortunate that we are issuing post stamp today on one such majesty Mahamati Prannathji," Sinha said.

Founder of Shri Krishna Pranami Sampraday, Prannathji was born on October 26, 1618, in the Jamnagar.