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All You need to know About India Post Payments Bank

September 20, 2018

All You need to know About India Post Payments Bank

  • India Post Payments Bank (IPPB) is a payments bank that has 650 branches across the country.
  • It is governed by RBI and 100% owned by the government. 
  • It will offer a number of financial services including savings and current accounts, bill payments, merchant payments, direct benefit transfers, money transfers, etc.
  • The government aims to convert all the existing 1.55 lakh post offices across the country into IPPB access points that can offer all available services.  
  • It has joined hands with Bajaj Allianz and PNB Metlife to sell insurance products across all its branches. 
  • The cabinet has approved a funding of Rs. 1,435 crores to help IPPB give a strong competition to the rivals including Paytm Payments Bank and Airtel Payments Bank.

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