PM Modi launches India Post Payments Bank, hails postmen for connecting India

Representational image

New Delhi: Prime Minister Narendra Modi on Saturday launched India Post Payments Bank (IPPB) at the Talkatora Stadium here with a view of taking banking to the farthest reaches of the country.

Lauding the work done on a daily basis by postmen, PM Modi said that their role will now expand greatly. "Postmen have been known to bring letters and parcels. Now, they will bring banking and financial services as well. Through India Post Payments Bank (IPPB) we will reach to every nook and corner of the country. Bank and banking services will be available at every person's doorstep," he said.

IPPB will leverage the vast network of the Department of Posts to help augment the reach of banking sector in the country. It will have 650 branches and 3250 Access Points across the country. All the 1.55 lakh Post Offices in the country will be linked to the IPPB system by December 31. 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.