Prime Minister Narendra Modi will inaugurate the India Post Payments Bank (IPPB) on August 21, 2018.
“On the day of the launch, IPPB will have 650 branches and 3,250 access points across the country. It will products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments,” a senior DoT official said.
All the 1.55 lakh post offices will be linked to the IPPB system by December 31, making IPPB the largest banking network in the country. IPPB will partner with banks and financial firms to offer loans, mutual funds and insurance policies to its customers.
