India Post Payments Bank live from Sep 1

Agencies

* Account creation at door step within 5 minutes

Mangaluru, 30 Aug 2018: The India Post Payments Bank (IPPB) Mangaluru branch will be inaugurated by Union Minister for Statistics and Programme Implementation D V Sadananda Gowda at Kudmul Ranga Rao Purabhavana at 2:30pm on September 1st.

 

On Wednesday, Senior Superintendent of Posts Mangaluru Division Diwakara spoke with the media and said that the IPPB service will operated from five access points including Mangaluru Head Post Office, Balmatta, Katipalla, Kuthethooru and Soorinje.

 

Through the IPPB service, the postmen who deliver letters and money orders to the customers will don the new role of a ‘banker’. He will be now equipped with smart phones and biometric devices to facilitate doorstep banking.

 

 

Account creation at door step

With the help of the newly equipped postman, one can open an account within five minutes by furnishing the details of Aadhaar and phone number. The new customer will then receive an OTP on his/her registered number and the account will be up.

 

To offer last mile affordable banking, the IPPB will leverage public infrastructure (RBI/National Payments Corporation India) payments, he informed.

 

Using Aadhaar, IPPB will make banking and payments simple by helping the customer to make digital transactions with the help of QR cards and biometric authentication.

 

The IPPB will offer a range of products such as savings and current accounts, remittances and money transfers, direct benefit transfers, bill and utility payments and enterprise and merchant payments.

 

The IPPB’s QR card eliminates the need for customers to remember their account number and PIN. Customers can transact without cash through digital channels, said the Senior Superintendent of Posts.

 

The bank will equip and enable small merchants and vendors to accept cashless payments (QR card enabled payments). A Payments Bank account can hold a maximum balance of Rs 1 lakh per customer. If it exceeds Rs 1 lakh, then it will be transferred to the post office savings bank accounts of the customer.

 

PM Modi to launch IPPB

On September 1st, Prime Minister Narendra Modi will launch IPPB across the country with 650 branches and 3,250 access points. It will be extended to cover all 1.55 lakh access points in the country by December 31. Accordingly, all the 542 post office branches in Dakshina Kannada district will have IPPB by the year’s end.

 

Already 20,000 IPPB accounts have been opened in Karnataka with 600 in Mangaluru division so far, said Mr. Diwakar.