What are the special features of India Post Payments Bank

features of India Post Payments Bank

• In January last year, the Central Government launched the India Post Payments Bank (IPPB), which started as a pilot project in the Department of Posts.
• Prime Minister Narendra Modi inaugurated it on Saturday in a program organized at Delhi's Talkatora Stadium.
• In the statement issued by the government, this payment bank has been told to be the easy, cheap and reliable bank of the common man.
• What is IPPB, how is it different from the rest of the banks and what are the facilities available in it?
• India Post Payments Bank (IPPB) has been started under the Department of Posts, Ministry of Communications, Government of India. Ownership is 100 percent owned by the Indian government.
• The Payments Bank started working on 30 January 2017. Two branches were opened as a pilot. One in Ranchi and the other in Raipur.
• With this help, efforts will be made to connect those rural areas with banking where there are no banks. In this work, the banker will work as a banker. The department has more than three lakh postmen and postal servants. They will provide mobile phone and biometric equipment to the people at home banking facilities.
• India Post Payments Bank has got permission to link 17 crore postal savings accounts already in place in the post offices.
• By December, the target of linking one lakh 55 thousand post offices with IPPB system.
• Savings accounts opened in India Post Payments Bank will get interest at four per cent rate.
• According to the rules, only one lakh rupees can be deposited in the payments banks. They do not even have the right to lend to anyone. But India Post Payments Bank will be able to provide products and services through other institutions providing financial services. For example, he will work as an agent of Punjab National Bank to lend.
• In the savings accounts opened in India Post Payments Bank or in the current accounts, there will be a lot of other facilities like the other banks. It will also include money transfer, government schemes, direct payment, bill payment and purchase payment facilities.
• All these facilities will be provided through Micro-ATM, Mobile Banking Application, SMS and IVR etc. of India Post Payments Bank.
• The Government of India has recently extended the expense limit of India Post Payments Bank so that it can compete with already existing rivals.