India Post Payments Bank to Go fully Functional from September 1 with Doorstep Services | CORPORATE ETHOS

India Post Payments Bank to Go fully Functional from September 1 with Doorstep Services

By: | August 31, 2018

Aug 31: India Post will have its payments bank services officially kick-started by the first of September. The India Post Payments Bank will get launched with 650 branches and over 3200 access points across the country. To make sure that its services reach out to the customers, India Post is also deploying postmen to offer doorstep services to the customers.

Altogether, India Post is aiming to setup over 12,831 counters at its bank branches by the end of this year. The long-term goal is to setup one dedicated branch at every district of the country. 32 of the total 650 dedicated branches at the launch time will be located at Maharashtra, which accounted to over 20,000 of the four lakh zero-balance accounts the payment bank has opened till now. The state will also have 168 access points launched to provide the payment bank service to its customers.

To ignite its operations, the IPPB will have all its postmen trained to handle and use digital devices including biometric devices and mobile phones. With the move, IPPB is aiming to reach out to more customers through doorstep services. Around 804 postmen have already been trained, and the numbers will be increased gradually according to HC Agrawal, Chief Postmaster General, Mahrashtra Circle.

IPPB will let customers open both savings and current accounts with offerings of other facilities like bill payments, remittance, money transfer, direct benefit transfers, merchant payments etc. The payment bank will also have net banking and mobile banking facilities.

The bank will also issue QR code card that can be used for making payments via QR code scanning and biometric authentication. Insurance policies also come under the umbrella of IPPB services, and India Post has already tied up with Bajaj Alliance and PNB Met Life to offer the same. Besides, the payment bank will also offer loans and investment products in the future in partnership with other financial organisations.