1.2 Conclusion:


So this payments bank of the Department of Posts will take banking to the doorstep of every citizen through an unmatched network of post offices. Around 11,000 postmen both in rural and urban areas will provide doorstep banking services. In short, this payments bank will revolutionize banking and digital payments in India.


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1.1 IPPB Introduction:


* What is IPPB ?

  1. IPPB is a public sector company under the department of posts and ministry of communication with a 100 per cent equity of the government of India. It is governed by the Reserve Bank of India (RBI). The IPPB started operations in January 30, 2017 with two experimental branches, one at Raipur in Chhattisgarh and the other at Ranchi in Jharkhand.
  2. IPPB is now operational at 650 branches and 3,250 access points co-located at post offices spread across the country which makes it the largest payments bank in the country by network size. It is aimed to make it available in more than 1.55 lakh post office branches. IPPB has been allowed to link around 17 crore postal savings bank accounts with its accounts.


* What will it do ?

  1. IPPB will offer a range of products such as savings & current accounts, money transfer, direct benefit transfers, bill & utility payments and enterprise & merchant payments. The three types of savings accounts it offers are: regular savings accounts, basic savings accounts and current accounts. The annual interest rates on all three are fixed at 4%.
  2. IPPB can also accept deposits up to Rs.1 lakh per account from individuals and small businesses.
  3. The IPPB has teamed up with financial services providers like the PNB and Bajaj Allianz Life Insurance for third-party products like loans and insurance.
  4. IPPB with almost 3 lakh postmen and ‘Grameen Dak Sewaks’ (GDS) will be armed with smartphones and biometric devices to handle doorstep transactions.


* Who are their competitors ?

  1. The state-run entity compete with big private players like Airtel Payments Bank and Paytm Payments Bank.


* What is their vision ?

  1. India Post Payments Bank will focus on providing banking and financial services to people in rural areas in their doorsteps.


* What is its use ?

  1. People can use IPPB's products and services via multiple channels such as counter services, micro ATMs, mobile banking app, SMS and IVR (Interactive Voice Response).
  2. You can pay for services of around 100 firms (including phone and DTH recharges) that are present on the Bharat Bill payments system of the National Payments Corporation of India (NPCI).


* What are the documents required to open an account ?

  1. It is enough if one had an Aadhaar Card and a mobile number to open the bank account. There was no need for documents in support of proof. They will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments.


* What are its limitations ?

  1. It is a payments bank that operates only on a small scale. It carries out most banking operations but cannot give loans or issue credit cards directly.
  2. It is not available as a full-fledged desktop website platform for using internet banking facility.​