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India Post Payments Bank to launch on September 1. Five things to know

India Post Payments Bank to launch on September 1. Five things to know

India Post Payments Bank to launch on September 1. Five things to know
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By Jyotindra Dubey  Aug 23, 2018 1:11:25 PM IST (Published)

The countdown has begun for the official launch of the India Post Payments Bank (IPPB). The Prime Minister Narendra Modi will be launching the long-awaited banking and financial services arm of India Post, one of India’s oldest organisations named - India Post Payments Bank on September 1.

The countdown has begun for the official launch of the India Post Payments Bank (IPPB).

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The Prime Minister Narendra Modi will be launching the long-awaited banking and financial services arm of India Post, one of India’s oldest organisations named - India Post Payments Bank on September 1.
Here are few crucial numbers on the latest addition to India's payment bank's list:
  • 1.55 lakh
  • India Post has a network of 1.55 lakh post offices, 90 percent of the branches are in rural areas. IPPB will be leveraging the existing network for providing banking and financial services to the people in rural areas. IPPB will go live with 650 branches, 3,250 access points co-located at post offices and 11,000 postmen both in rural and urban areas to provide doorstep banking services. The government will link all post offices with IPPB, likely by the end of this year.
     
    • Rs 800 crore
    • The total amount of estimated expenditure involved in setting up the IPPB and linking all post offices with the payments bank.
       
      • 18.6 crore
      • The number of saving bank accounts with the India Post as of March 2017, which will be linked with IPPB.
         
        • Rs 6.8 lakh crore
        • The amount of deposits with India Post as on March 31, 2017, largest deposits in any financial institution after State Bank of India.
           
          • Rs 1 lakh
          • The maximum payment IPPB can accept per account from its customers.
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