HYDERABAD: A total of 51 post offices in Andhra Pradesh and Telangana will soon function as payments bank banches of the India Post Payments Bank (IPPB).
The branches will provide a number of financial services and distribution of products. There will be 34 in AP and 17 in TS. IPPB received a certificate of incorporation from the Registrar of Companies and the new bank is scheduled to begin operations next year.
IPPB services include door step banking through postmen and Grameen Dak Sewaks, distribution of third party financial products like loans, insurance, pension products, mutual funds, international and domestic remittances, payment of utility bills, municipal dues, government payments, taxes, DBT.
YP Rai, chief postmaster general (AP Circle-covering AP and TS,) said in a release here on Wednesday that IPPB will drive the benefits of financial inclusion by bringing a host of financial products to suit the needs of different strata of society.