PM Modi launches India Post Payments Bank on August 21

 PM Modi launches  India Post Payments Bank

Government has announced the launch date of the payment office of the post office. Prime Minister Narendra Modi will launch India Post Payments Bank (IPPB) on August 21. This information is given by a senior officer of the Communications Ministry. With the launch of Payments Bank, the IPPB app is also expected to be launched on the same day. With the help of IPPB app, customers will be able to pay for services of about 100 companies. These services include phone recharge and bill, electricity bill, DTH service, college fees, etc


There will be at least one branch of IPPB in every district of the country and its focus will be on delivering financial services in rural areas. Under the IPPB, banking and financial services will also be available to customers in approximately 1.55 lakh post office branches in the country. According to the official, the government is trying to connect 1.55 lakh post office branches to IPPB services by the end of this year. If this happens, the direct access to the villages of the country's largest banking network will develop.



Last week IPPB CEO Suresh Sethi had said that IPPB will start with 650 branches. Apart from this, there will be 3,250 access points in the post offices and around 11,000 postmen will be provided banking services in the rural and urban areas.
IPPB is allowed to link approximately 17 million postal savings bank accounts from their account. With the introduction of IPPB, rural people will be able to take advantage of digital banking and financial services. It will also facilitate money transfers in any bank account with the help of mobile app or by going to the post office. People will be able to avail the service like RTGS, NEFT, IMPS Transaction Apart from this, the government will also use the payments bank to divest NREGA's salary, subsidy, pension etc.
Explain that IPPB will be the third payment bank of the country. Before this, Airtel and Patyam have started their Payments Bank. In the Payments Bank Savings Account, any person or small business can deposit up to Rs 1 lakh only.

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