All post office branches to be linked with IPPB in five months
New Delhi: The Department of Posts will link all post office branches with the India Post Payments Bank (IPPB) in the next 5 months to provide full fledged digital banking services across the country, Union Telecom Minister Manoj Sinha said on Tuesday.
"There are two India Post Payments Bank operational and soon we will start another 648 of its branches at all district centres. All 650 post payments bank will be connected to rural post offices. With this, in coming five months there will be 1.5 lakh more new banks. We will facilitate functions similar to those done by big banks," Sinha said while launching an app for insurance service of the postal department. He said this will create huge financial services network for rural areas.