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What are India Post Payments Bank?


Date: 14 Jul 2016    Group: Finance and Investments    Category: Banking   

Recently there was a news item that the Government of India is about to launch India Post Payments Bank. What are India Post Payments Bank and what services will be offered through such banks to the citizens of India? Will the post office savings schemes be handled through such banks only?
Experts: do assist.


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Author: Mahesh    15 Jul 2016      Member Level: Gold     Points : 2  (Rs 2)    Voting Score: 0

India Post Payments Bank (IPPB) is a government initiative to allow the jan dhan yojana bank accounts for the people. This way normal citizens are likely to be included into the program. The bank is going to provide Rupay ATM card and other cheque facilities too. Post savings schemes and sunkanya samridhi scheme is likely to be processed using these banks. Also another scheme of pension yojna may pay citizens from these banks. So you may want to read upcoming changes to these banks. So far the bank is established in some of the cities but yet to penetrate on village level.



Author: Venkiteswaran.    16 Jul 2016      Member Level: Diamond     Points : 3  (Rs 3)    Voting Score: 0

The proposed IndiaPost PaymentBank(IPPB) is a banking service established to be initiated under the postal department or IndiaPost. It will be fully owned by the government.
IPPB is aimed to satisfy the object of financial inclusion.
Payments banks do only a limited version of banking services. They can accept deposits subject to certain prescribed maximum, do remittance services and issue debit cards. However they cannot do lending and hence cannot issue credit cards.
Payment banks generally help needs of the migrant labourers , small income households, individual unorganised sector small business people etc. As Post Offices are having a wide network and now the core banking facilities, they are best suited for this in the country.

IPPB will be functional only by or after March 2017 and we may get more clear guidelines by then.





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