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It's official! PM Modi to launch India Post Payments Bank on August 21

IPPB would become one of the largest banking networks in India. India Post has 154,000 post offices, of which 139,000 are in rural areas

Topics
India Post Payments Bank  |  Reserve Bank Of India  |  Rbi

Kiran Rathee  |  New Delhi 

Prime Minister Narendra Modi will launch India Post Payments Bank (IPPB) on August 21. The event will take place at the capital's Talkatora stadium. The bank is running pilot services in Raipur and Ranchi.

It will tie up with other banks and financial companies to offer loans, mutual funds and insurance policies, said sources. The Department of Posts was one of the 11 entities to get the in-principle nod from the Reserve Bank of India (RBI) in 2015 for setting up a payments bank. Many private firms such as Airtel, Fino, Paytm, etc, have launched these services. But IPPB missed ...

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First Published: Thu, August 09 2018. 01:19 IST
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