51 post offices in AP, TS to be payments bank branches

Published: 25th August 2016 04:47 AM  |   Last Updated: 25th August 2016 04:53 AM   |  A+A-

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.

Stay up to date on all the latest Andhra Pradesh news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp