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India Post Payments Bank launches account opening campaign

Account Opening IPPB,india post payments bankThe India Post Payments Bank (IPPB) has launched an account opening campaign where people can open a savings account with the bank at Chhatrapati Shivaji Maharaj Terminus (CSMT) and other areas of the country. (IPPB) is a 100 per cent government owned Public Sector Bank operating with the Department of Posts under the Ministry of Communications which aims to utilise all of India’s 155,015 post offices as access points and 3 lakh postal postmen and Grameen Dak Sewaks to provide house to house banking services.

The first phase of the bank, with 650 branches and 3,250 post offices as access points, was inaugurated on September 1 2018. Over ten thousand postmen have been roped into the first phase.

Mr Lakshman Kokata post office staff member said, “A customer can pay electricity bill, light bill. A customer is entitled to an insurance of Rs 1 lakh deposited with India Post Payments Bank. Customers can transfer money to other accounts on line. Postmen will deliver the money to customers who need the same.”

IPPB would be like any other bank, but it will operate at a smaller scale without involving any credit risks, but can’t issue advance loans or issue credit cards.

Avinash, BMC staff member said, “We have faith in money deposited in government banks as we are entitled to get our money back.”

Political Analyst Bhushan Jadhav said, “Indian Post Payment Bank is a wholly-owned government bank. Bank services are not available in interior areas of the country. However post offices have their presence in every nook and corner of the country. 3 lakh postmen and 1.5 lakh post offices are operating in the country. Postmen will work as bankers. They will have hand held devices and will go to people’s houses to open accounts. A pilot project was started in Ranchi and Raipur which has become successful. The services will be expanded across the country. The money of government welfare schemes will be directly transferred to people’s account.”

-By Vijay Salgaonkar

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