Prime Minister’s Office PM launches India Post Payments Bank – a major initiative towards financial inclusion 01 SEP 2018 The Prime Minister, Shri Narendra Modi, today launched the   India Post Payments Bank   ( IPPB ) at Talkatora Stadium in New Delhi. The function was witnessed at over 3000 locations across the country, which were connected to the main event in Delhi. Speaking on the occasion, the Prime Minister said that through the India Post Payments Bank, banking services will conveniently reach the remotest places in the country, and the people living there. He recalled that the Union Government had earlier rolled out the Jan Dhan Yojana to establish financial inclusion. He said that today’s launch of   IPPB   is one more step to achieve this objective. He said   IPPB   branches have opened across 650 districts today. The Prime Minister said that the postman has long been a respected and accepted person in the villages. He said the tru...

Cabinet Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank Boost to Banking Services at Post Offices across the country 29 AUG 2018 The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval for revision of the project outlay for setting up of India Post Payments Bank (IPPB) from Rs. 800 crore to Rs. 1,435 crore. The additional sum of Rs. 635 crore in the revised cost estimates is on account of Rs 400 crore for Technology Costs and Rs 235 crore for Human Resource Costs. Details: IPPB services shall be available at 650 IPPB branches and 3250 Access Points from 1st September 2018 and in all 1.55 lakh post offices (Access Points) by December 2018. The project will generate new employment opportunity for about 3500 skilled banking professionals and other entities engaged in propagating financial literacy across the country. The objective of the project is to build the most accessible, affordable and trusted bank for the c...

Ministry of Communications India Post Payments Bank (IPPB) to enable Digital Payments in Post Offices by April 2018 India Post Payments Bank (IPPB) Expansion Programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018. No decision has been taken to revise the timelines as reported in some sections of the media on Tuesday, 06th February 2018. Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with ability to provide digital payment services at the doorstep with the help of Postmen and GraminDakSewaks (GDS). IPPB will also enable more than 17 crore active account-holders of Post Office Savings Bank to make interoperable digital payments including the benefit of NEFT, RTGS, UPI and bill payment services. Additionally, the IPPB will enable acceptance of digital payments across post offices in the country in line with the digital p...

IPPB FAQs:  Deputation of DoP staff to India Post Payments Bank FAQs on deputation of DoP staff to India Post Payments Bank (IPPB) Sl. No. Frequently Asked Question Response/Clarification 1. What is IPPB ? What are its Objectives? How it will operate? (i) India Post Payments Bank Limited ("IPPB") was incorporated as a company on August 17, 2016 under The Companies Act, 2013, with 100% equity from the Department of Posts (DoP), Ministry of Communications, Govt. Of India and as a payments banking company under Section 22 (1) of the Banking Regulation Act, 1949.(ii) IPPB is visualized as a vehicle of financial inclusion that would complement the existing banking, financial services and payments network in the country to improve overall efficiency, accessibility and convenience in delivery of banking services including Direct Benefits Transfer and social security payments. IPPB, as an organization, is designed to leverage the field network of the Department of Posts and is r...