With aim of taking banking to masses, PM Modi to launch India Post Payments Bank

New Delhi: Prime Minister Narendra Modi has repeatedly called for financial inclusion of various sectors and has said his government is committed to taking banking to the masses. With this in view, PM Modi will launch the India Post Payments Bank (IPPB) at the Talkatora Stadium here on Saturday.

IPPB will leverage the vast network of the Department of Posts to help augment the reach of banking sector in the country. People living in far reaches of the country would now be covered by the banking sector and can possibly benefit from having financial security courtesy IPPB. The government has said that 1.55 lakh post offices in the country would be linked to the IPPB system by December 31 of this year and these would offer a number of services which include savings and current accounts, money transfer, direct benefit transfers, bill and utility payments as well as enterprise and merchant payments.

On the day of the launch, IPPB will have 650 branches and 3250 access points across the country and these would have simultaneous launch events on Saturday.