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

Prime Minister Narendra Modi launched IPPB on September 1 last year with an aim to take banking services to the doorstep of every citizen

Press Trust of India  |  New Delhi 

India Post Payments Bank

The government has opened around 1.25 branches of Post and soon, it will have operations across over 1.5 locations, Communications said Friday.

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

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

The can accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other services such as ATM/debit cards, net 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 than that," Sinha said.

Talking about the stamp launch, the 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, had a mandate to issue post stamps of people of eminence who made special contribution at 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.

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

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, January 25 2019. 17:15 IST