VIJAYAWADA: In a yet another important step towards ‘Digital India’ and total financial inclusion, the India Post Payments Bank (IPPB) was launched across India by Prime Minister Narendra Modi on Saturday. Meanwhile, Jagat Prakash Nadda, Union Minister for Health and Family Welfare, inaugurated the scheme at its Vijayawada branch for Andhra Pradesh.
Speaking on the occasion, Nadda described the IPPB as a ‘revolutionary programme’ that is meant to bring a change in the lives of common man. “What is better than the postal service for reaching out to people! Now, convergence of postal and banking services has been achieved,” he said. Recalling the prime minister’s promise of making a person’s thumb his/her identity for financial services, the minister said the idea has become a reality with the launch of IPPB. “To get an account with the IPPB, all one needs is an Aadhaar card and thumb impression on the biometric devices,” he said.
After the nationalisation of the banks, even till 2014, only 3 crore people had bank accounts; after the launch of Jan Dhan Yojana, the bank accounts have increased to 32 crores, he said. “Now with the IPPB, it (bank accounts) will increase further, which will help in achieving the target for financial inclusion,” Nadda said, explaining that IPPB accounts could even be used for direct benefit transfers.
Speaking on the occasion, Rajya Sabha member Kanakamedala Ravindra Kumar and Vijayawada mayor described the service as most beneficial for the denizens, especially those living in rural areas. “As it (the IPPB) has door-to-door delivery service, it will cut out the hassle of standing in queue lines and going from counter to counter at the banks or ATMs,” Ravindra Kumar observed. Though invited, MPs YS Chowdary and Kesineni Nani, and MLAs G Ramamohan Rao and B Umamaheswara Rao failed to turn up at the event.
Chief Postmaster General (Andhra Pradesh) K Balasubramanian said the step was important for inclusive banking and achieving a cashless economy. “Across the country, 650 branches and 3250 access points are launched. The State has 24 branches and 120 access points, which will be increased to 10,490 by December 31,” he explained.