A senior official of department of post told DNA that while the site was ready,the operations however would start later.
IPPB is offering Savings account up to a balance of Rs 1 Lakh, along with digitally enabled payments and remittance services of all kinds between individuals. In due course, IPPB will also provide current accounts and access to third party financial services like insurance, mutual funds, pension, credit products, forex and more.
“The site is ready at GPO where it will be started, operations are yet to start,” said a senior official. Notably, the payment banks of several private enterprises have already started working in the city.They are aggressively marketing to get the major share of customers. As such,delay in start will hurt the business interest of the payment bank of India post.
While the payment bank of postal department will be currently opened at one place only in the city, the private companies have several branches in every corner of the city, indicating the future of this sole branch of post office department.
As such postal department is losing on one more opportunity to connect with the customers. Apart from delayed banking service, it is also being felt by certain sections that all these new ventures are making the post offices redundant with customers getting away from them.
WHAT IS IT
IPPB is offering Savings account up to a balance of Rs 1 Lakh, along with digitally enabled payments and remittance services of all kinds between individuals. In due course, IPPB will also provide current accounts and access to third party financial services like insurance, mutual funds, pension, credit products, forex, and more.
THE PHILOSOPHY
IPPB ENCOURAGES smart saving and investment habits with easily accessible banking services. The vision is to extend banking facilities to the remotest corner of the nation. Its services transcend geographical borders. That’s how they aim to simplify banking to bring prosperity to every doorstep.
EFFICIENCY
IPPB provides the most effective, accessible and readily available banking network across the nation. IPPB will soon offer banking services through digital channels like mobile, UPI, debit cards which can be used at ATMs, PoS and mobile-PoS. This would facilitate all-round connectivity with bank.
NETWORKING
India Post has about 1,54,000 post offices, of them 90% are in rural areas. There is one post office for every 7,176 people in India. India Post also has 2,96,000 agents in the rural area. About 2.2 crore people, already receive their National Rural Employment Guarantee Act (NREGA) payments by post offices.
POST ‘RAJ’ IN STATE: Apart from Jaipur, Jodhpur is also on the list where the payment bank will be opened.
Source: India Post Website
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