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PM Narendra Modiji to launch India Post Payments Bank on 1st September 2018




Prime Minister Narendra Modi will tomorrow launch the India Post Payments Bank (IPPB) that seeks to leverage the expansive network of the postal department to ensure Financial Inclution for the masses.


The event is scheduled to be held at Talkatora Stadium in New Delhi, along with simultaneous launch events at 650 branches and 3,250 access points that will go live tomorrow, an official statement said.



"IPPB has been envisioned as an accessible, affordable and trusted bank for the common man, to help speedily achieve the financial inclusion objectives of the Union Government," it added.

The payments bank, where the Indian government holds 100 per cent equity, will leverage the vast network of the Department of Posts (DoP) that has more than three lakh postmen and Grameen Dak Sewaks.

All the 1.55 lakh post offices in the country will be linked to the IPPB system by December 31, 2018.



IPPB will, hence, significantly augment the reach of the banking sector in India, the statement said.

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