Prime Minister Narendra Modi on August 21 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.
“The Prime Minister has given time on August 21 to launch IPPB. Two branches of the bank are already operational. Rest of the 648 branches will be launched across the country in every district,” a senior official of the communications ministry said.
IPPB will leverage the reach of 1.55 lakh post office branches to provide banking and financial service to people in rural area.
“Government is trying to link all the 1.55 lakh post office branches with IPPB services by the end of this year,” the official said. This will create the country’s largest banking network with the direct presence at a village level.
Last week, IPPB CEO Suresh Sethi said that IPPB will go live with 650 branches in addition to 3,250 access points co-located at post offices and around 11,000 postmen both in the rural and urban area will provide doorstep banking services.