VIJAYAWADA: Stage is set for the inaugural of India Post Payments Bank operations in Andhra Pradesh from September 1. While Prime Minister Narendra Modi will launch the pan-India programme from Delhi, Union Minister for Health JP Nadda will participate as the chief guest in the programme in Vijayawada. Speaking to mediapersons, Chief Postmaster General (AP Circle) K Balasubramanian said they are looking to have 13.25 lakh accounts opened in the State by the end of current fiscal.
“The very objective of India Post Payments Bank is to provide banking facility to all the people in the country. Since India Post has a better network and reach than any, we expect more people to become our customers in a short time,” he said.
According to him, IPPB has an advantage in the form of postman - the last mile delivery agent, who has now been imparted with financial knowledge and equipped with smartphone and biometric device to offer financial services at the doorstep of people even in a remote location.
On September 1, a total of 650 branches of the IPPB will be launched across the country, of which 24 will be in Andhra Pradesh. Initially, there will be 120 access points, which will be expanded to 10,490 by December 31.
“IPPB will be the first financial institution to be using the QR Cards and promoting 100 per cent smart, paperless and transparent financial transactions,” said Prashanti, IPPB Vijayawada manager. She said initially, the transactions (withdrawal and deposits) have been limited to `5,000 with a token service charge.