BENGALURU: With the official launch of India Post Payments Bank (IPPB) — the investment banking arm of India Post — on August 21, nearly 15 lakh money orders will be phased out by the end of this month, Chief Postmaster General (CPMG), Karnataka circle, Charles Lobo said.
“With IPPB promising doorstep banking and Aadhaar-based direct benefit transfer (DBT), all 26 lakh money orders of pension beneficiaries in post office saving (POS) schemes will be phased out by October,’’ Lobo informed. He believes that with the phasing of money orders, the corrupt price of postmen demanding commission will also come down.
Elaborating on the operations of IPPBs in Karnataka, he said the bank will be opened in 31 districts (with five in each district, totally 155 access points). Besides facilitating opening of savings and current accounts of public, IPPB intends to link 36 lakh post office saving banks accounts (POSB).
“Whenever the deposit in IPPB exceeds `1 lakh, it can be legally transferred to POSB,’’ the CPMG said. After the launch of IPPB, Lobo is keen on disbursing new ATM cards on priority to widows and differently-abled. IPPB will not be lending any money for first three years.
IPPB SAVINGS ACCOUNT ADVANTAGES
With core banking network, money can be withdrawn in any of the 22,137 branches.
Opening of account (zero deposit) at the door step or post office
Simple, secure, instant 24x7 money transfer
Convenient way to pay bills