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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.
The event is scheduled to be held at Talkatora Stadium in New Delhi, along with simultaneous launch events at 650 branches and 3,250 access points that will go live tomorrow, read an official statment
India Post already has 40 crore customers in the country with over 17 crore post office savings bank accounts.
Cabinet nod for 2 per cent hike in Dearness Allowance, approves Rs 635 crore for India Post Payments Bank
The 2 per cent hike for pensioners, to compensate for the price rise, was in addition to the existing hike of 7 per cent of their Basic Pay or Pension.
The launch of India Post Payments Bank (IPPB) was recently rescheduled in the wake of seven-day national mourning declared after the demise of former Prime Minister Atal Bihari Vajpayee.