India Post Payments Bank

India Post Payments Bank Latest News

Recently, the India Post Payments Bank celebrated its 9th Foundation Day.

About India Post Payments Bank

• It has been established under the Department of Posts, Ministry of Communication, with 100% equity owned by the Government of India.
• It was launched on September 1, 2018.
• It has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India.
• Mandate: The fundamental mandate of this bank is to remove barriers for the unbanked and underbanked and reach the last mile, leveraging the Postal network.

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Functions of India Post Payments Bank

• The operation of IPPB is smaller as compared to other banks and will not advance loans or issue credit cards to avoid risk. 
• It accepts deposits, offers remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. 
• It accepts deposits upto Rs 2 lakh, beyond which the account will be automatically converted into a post office savings account.
• The products and services of the bank are made available through various mediums such as counter services, micro ATMs, mobile banking apps, messages, and interactive voice responses.
• The IPPB uses Aadhaar to open accounts, and a QR card and biometrics will be used for authentication, transactions, and payments.

Source: PIB