PM to launch India Post Payments Bank on Sept 1st
Soon after the Prime Minister’s Independence Day address, raising the expectations of the people from the soon to be set up India Post Payments Bank, the Department of Posts has cleared an important milestone on this journey. The India Post Payments Bank Limited on 17.8.16 received the Certificate of Incorporation from the Registrar of Companies, Ministry of Corporate Affairs under the Companies Act 2013. This would be the first PSU under the Department of Posts.
India Post Payments Bank will be launched by Prime Minister of India on 1st September 2018 at a national level launch in New Delhi. The bank will be simultaneously launched at 650 Branches and 3250 Access points across the country.
The Department of Posts has set up a total of 23 IPPB branches in Punjab and UT Chandigarh along with a total of 115 Access points spread across the state of Punjab & UT Chandigarh out of which 2 IPPB branches in each District (i.e. Patiala and Fatehgarh Sahib) and 10 access points will be launched in Patiala Division.
The aspiration for the India Post Payments Bank is to become the most accessible bank in the world riding on state of the art banking and payments technology. Coupled with the physical presence across 1.55 lakh post offices PAN India and the reach of “The Dakiya”, the India Post Payments Bank aims to become a powerful and effective vehicle of real financial inclusion in the country. It is poised to create a national payments architecture riding on a modern payments platform and ubiquitous information and communication technologies that can be accessed by all users and service providers like never before. The stakeholders of the India Post Payments Bank within the Government and outside are looking at this new entity as a catalyst to social and financial inclusion.