INDIA POST PAYMENTS BANK

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Context

Two days meet of senior functionaries of Postal Department and India Post payments Bank (IPPB) begins today.

IPPB

India Post Payments Bank, abbreviated as IPPB, is a division of India Post which is under the ownership of the Department of Post, a department under Ministry of Communications.
Opened in 2018 India Post Payments Bank is a 100% central government-owned entity.
The Payment bank was started with the vision to build the most accessible, affordable and trusted bank for the common man in India.
The main objective is to promote financial inclusion in a simple and secure manner at the customers' doorstep.
It aims to utilize nearly 1,60,000 post offices as access points and 3 lakh postmen and Grameen Dak Sewaks to provide doorstep banking services.
It delivers simple and affordable banking solutions through innovative interfaces available in 13 languages.

Services offered by the Bank

It offers savings accounts, money transfers and insurances through the 3d parties, bill and utility payments.
The Bank offers savings and current accounts up to a balance of ₹2 Lakh.
Customers can use QR code payments eliminating the need to remember account numbers, PINs and Passwords.
Unified Payments Interface (UPI)
Immediate Payment Service
National Electronic Funds Transfer
Real-time gross settlement
Bharat BillPay
Direct Benefit Transfer
RuPay Debit Card
AEPS (Adhaar Enabled Payment Service)

According to the data released in January 2022, the India Post Payment Bank had crossed the landmark of 5 crore customers.