New Delhi: India Post Payments Bank (IPPB) on Saturday said that it will start the pan-India rollout of its network from April this year.
All 1.55 lakh post office branches will operate as access points and 650 payments bank branches will provide the back-end support.
Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with an ability to provide digital payment services at the doorstep with the help of Postmen and Gramin Dak Sewaks (GDS), as per sources.
In 2015, RBI had granted ‘in-principle’ approval to 11 entities, including the Department of Posts, to set up payments banks.
Payments banks can accept deposits of up to Rs1 lakh per account from individuals and small businesses. Unlike traditional banks, payments banks are not allowed to give loans or credit to customers.
A payments bank is a differentiated bank and confines its activities to acceptance of demand deposits, remittance services, Internet banking and other specified services.
IPPB launched its pilot services in Raipur and Ranchi in January 2017.