18
Sunday
November 2018
1:56 PM IST
News Headlines
India in Australia: Kohli promises to not start arguments, only finish them        At Least Two Killed, Eight Injured In Blast In Karachi        Centre's New Move May Escalate Feud With RBI Ahead Of Board Meet: Report        'Gaja' crosses coast, rainfall pounds TN, 22 dead        Sabarimala board to move SC, buy time to implement order        Sabarimala board to move SC, buy time to implement order        Sindhu crashes out; Srikanth, Sameer enter quarterfinals of Hong Kong Open        No more chopping and changing till World Cup: Ravi Shastri        Air India eyes Rs 800 cr from sale of over 70 properties        Intel India opens design house costing Rs 1,100 cr at B'luru        US, China see rival visions for entwined Asia-Pacific region        Imran Khan to visit Malaysia next week; likely to seek monetary aid        EC removes Mizoram chief electoral officer after protests        Lankesh murder accused sent to SIT custody in Pansare case        Agri sector needs long-term solutions, loan waiver temporary: Naidu        Top India, China officials hold defence, security dialogue, agree to step up military exchanges        Jailed Om Prakash Chautala Expels Older Son For "Anti-Party Activities"        ISRO Launches Communication Satellite, Has 'Geo-Eye' To Monitor India        US Vice President Mike Pence takes Myanmar’s Aung San Suu Kyi to task over treatment of Rohingya        Sri Lankan Parliament passes no-trust vote against Rajapaksa        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
PM launches India Post Payments Bank; postman to deliver doorstep banking services
 
New Delhi, Sep 1 (PTI) Prime Minister Narendra Modi Saturday launched India Post Payments Bank (IPPB) that aims to take banking to the doorstep of every citizen by arming three lakh postmen and 'Grameen Dak Sewaks' with digital aids to deliver financial services.

IPPB -- which will be available through 650 branches and 3,250 access points immediately, scaled to all 1.55 lakh post offices by December 2018 -- is like any other bank but with smaller scale of operations and without involving any credit risk.

The freshly-minted payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. However, it can't offer loans directly, or issue credit cards.

Launching the service, Prime Minister Narendra Modi said with e-mails taking over inland letters, many thought technology had threatened the existence of the postal department and that postmen would lose their livelihood.

"(The growing pace of) technology (in communication) threw a challenge. We used technology as a base to turn that challenge into an opportunity," he added.

Noting that the postman has a special place in Indian movies and literature, he said the 'daakiya' (postman) not only delivered letters, but also read them out to the families who were not literate, and even replying to the letters on their behalf.

He said the same postman is all set to don a new avatar, where he would provide banking services as well as promote digital literacy to the remotest parts of the country.

"We have heard song 'Dakiya dak laya'. From now, along with dakiya dak laaya, dakiya bank bhi laaya... Dak sewaks will not only help in digital transactions but will also provide training to people so they can themselves carry out digital transactions from their phones," he said.

The postmen will not only be bankers but also digital teachers, he noted.

IPPB will leverage tech platforms, to the hilt -- it will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments. Grameen Dak Sewaks will be armed with smartphones and biometric devices to handle transactions.

Communications Minister Manoj Sinha said deposits in any account that exceed Rs 1 lakh will be automatically converted into post office savings account.

IPPB has permission to link around 17-crore postal savings bank (PSB) accounts with its own set up.



Sinha said there are about 1.4 lakh bank branches and nearly 50,000 of them are in villages, which face a challenge in reaching the unbanked.

"IPPB will transform that. To the 1.4 lakh bank branches, 1.55 lakh branches will be added now with this launch," he added. Sinha said that with the postal payments bank, people will be able to open an account in a minute with Aadhaar and biometrics.

The government-backed IPPB will compete with Airtel Payments Bank and Paytm Payments Bank.

IPPB will offer products and services though multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response.

It will offer 4 per cent interest rate on savings accounts. IPPB has teamed up with financial services providers like PNB and Bajaj Allianz Life Insurance for third-party products like loans and insurance, respectively.

Of the 1.55 lakh post offices, about 1.30 lakh are located in rural areas. IPPB is keen on tapping this network for expanding its efforts of financial inclusion and providing banking services to hitherto untapped market.

IPPB will also facilitate digital transactions and help deliver the benefits of schemes such as Pradhan Mantri Fasal Bima Yojana, which provide assistance to farmers.


Centre's New Move May Escalate Feud With RBI Ahead Of Board Meet: Report
Air India eyes Rs 800 cr from sale of over 70 properties
Intel India opens design house costing Rs 1,100 cr at B'luru
Sensex rebounds 332 pts on easing crude, rupee gains
Govt mulls second round of 2,500 MW medium-term PPA auction
India invites Swedish companies to explore investment opportunities
Govt cancels ED officer Rajeshwar Singh's leave
Facebook blocks 115 accounts ahead of US midterm elections
Indian norms on PCA, capital are conservative, rule-based: SBI
SBI back in black on credit growth
TN transport employees threaten to go on strike
Ease of biz ranking: Indian can improve further, says Jaitley
Rupee declines 11 paise to close at 73.27 against US dollar
Gold rises in futures trade; up 0.54% on global cues
Mistry announces startup fund on 2nd anniversary of his ouster
BSE gets Sebi's nod to launch Oman crude oil contract
Sensex cracks 34,000-mark, Nifty below 10,200 on weak global cues
Petrol pumps in Delhi on strike demanding VAT cut
RBI likely to stay on hold for rest of FY'19 : Report
Japan introduces Artificial Intelligence technology to ease business
KERALA NEWS
Sabarimala protests: Arrests up to 2061, Kerala HC warns police
 Thiruvananthapuram, OCT 27: As the number of people arrested for allegedly being involved in violent  
Vijayan urges UAE Keralites to back salary challenge
Sabarimala row: Protests against SC verdict continue
Balabhaskar's wife Lakshmi shifted to ICU
INTERNATIONAL NEWS
At Least Two Killed, Eight Injured In Blast In Karachi
 (KARACHI, Nov17, 2018): A bomb killed at least two people and wounded eight others in Pakista
US, China see rival visions for entwined Asia-Pacific region
Imran Khan to visit Malaysia next week; likely to seek monetary aid
US Vice President Mike Pence takes Myanmar’s Aung San Suu Kyi to task over treatment of Rohingya
NATIONAL NEWS
'Gaja' crosses coast, rainfall pounds TN, 22 dead
 (Chennai, Nov17, 2018): Cyclone Gaja ripped through Nagapattinam early Friday uprooting trees
EC removes Mizoram chief electoral officer after protests
Lankesh murder accused sent to SIT custody in Pansare case
Agri sector needs long-term solutions, loan waiver temporary: Naidu
Untitled Page
Rashtra Deepika LTD
Copyright @ 2018 , Rashtra Deepika Ltd.