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It is learnt that a total of 57 major parcel hubs and 133 secondary parcel hubs will be established throughout the country.
As many as 9,75,806 transactions took place till December 20 this year, the minister said.
India Post has a delivery network up to remotest villages through its 1.55 lakh post offices which no one can match, Communications Minister Manoj Sinha said.
People are finding it tough to open an account and deposit cash due to the absence of IPPB dedicated counters for conducting IPPB transactions.
The India Post Payments Bank (IPPB) was launched across 650 districts by Prime Minister Narendra Modi on September 1.
Trusting India’s widest postal services — India posts — had given some tense moments to a grandmother-grandson duo.
Two of the biggest advantages of opening an account with IPPB are zero balance account and its widespread physical presence.
It is mandatory to produce an identity proof acceptable for important transactions like booking an international parcel or international EMS (Merchandise) for safety and security reasons.
Immediately police detained her and other activists including Ravi Shankar Reddy and shifted them to One Town police station and later to CK Dinne police station.
The IPPB will be like any other bank, but with operations on a smaller scale, without involving any credit risk.
‘Revolutionary’ India Post Payments Bank to help government increase bank accounts: Jagat Prakash Nadda
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.
Deposits in any account that exceed Rs 1 lakh will be automatically converted into post office savings account.
Modi targeted the Congress’ ‘phone banking’ culture whereby the party high command would dial PSU bank chiefs to facilitate loans to corporates of their choice.
The Bank would offer a range of products such as savings and current accounts, money transfer, direct benefit transfer, bill and utility payments and enterprise and merchant payments.
Stage is set for the inaugural of India Post Payments Bank operations in Andhra Pradesh from September 1.