India Post Payment Bank to complete one-crore customers on Aug 15: Secy
New Delhi: This year's Independence Day speech of Prime Minister Narendra Modi is going to be historic in many terms. Apart from the landmark decision to scrap special provisions in Jammu & Kashmir, the Prime Minister would also spell out the achievements of India Post Payments Bank (IPPB) from the ramparts of Red Fort on August 15 as the IPPB is all set to complete one crore customers by this Independence Day.
While talking to Millennium Post, India Post Secretary AN Nanda said that the IPPB is going to create history by adding one crore customers in less than a year.
"The IPPB was launched by Prime Minister Narendra Modi on September 1 last year. It has not even completed its first anniversary and started changing the banking system in the country," Nanda said, adding that the IPPB has completed transitions worth of about Rs 400 crore.
The resounding achievement of the IPPB is the outcome of the decision that was made at the annual heads of circles conference held at Srinagar wherein it decided to adopt a 100 days action plan and a five-year vision to make India Posts align with PM Modi's "New India" initiative.
Now, IPPB will partner with common service centres to provide services such as banking, remittance, insurance, DBT, bill and tax payments at the post offices.
In July, the IPPB was granted a scheduled bank status after it was included in the Second Schedule to the Reserve Bank of India Act, 1934. The inclusion allows IPPB to borrow money from the central bank.
While launching the IPPB, the PM had said that the IPPB will also be a great help for the farmers and schemes like Pradhan Mantri Fasal Bima Yojna (PMFBY) will gain more strength from it.
The IPPB is a public sector company under the Department of Post with a 100 per cent equity of the government and governed by the RBI.
The department's 3.50 lakh well-trained postmen have been assigned to perform the task of bankers who are offering doorstep financial services to even the last man standing in the remotest parts of the country.
