Ever dreamt of opening a bank account at your doorstep? Where there is no paper work involved and the bank personnel only takes your Aadhaar authentication to open an account and a minimum balance of ₹100 can be put in a month later? And, this can be done at a remote village not necessarily within a big city!
It is not far fetched as the India Post is all set to begin its payments bank services from September 1 nationwide with all these facilities taking digital banking to a different level. While Prime Minister Narendra Modi will be launching the service in Delhi, Governor E.S.L. Narasimhan will be doing the honours here.
Giving these details here on Wednesday, Chief Post Master General, TS Circle, B. Chandrasekhar informed the media that the payments bank will have 23 branches and 115 access points across the State on the launch date and it will soon expand to 5,811 access points by December 31.
“We will be the largest payment bank in the world with 680 branches and 3,250 access points soon to become 1.55 lakh nationwide where customers can open savings and current bank accounts with direct benefit transfer facility. Any citizen can make use of it even those in the remote areas,” he said.
The postman will be person who will help in enrolling new customers and a QR card will be issued on opening an account in “three to five minutes”, claimed Mr. Chandrasekhar. “Our banking system will help in digital payments, promoting cashless economy and financial inclusion in providing services to parts where banks cannot reach,” he said.
India Post Payments Bank (IPPB) under the Department of Post, Ministry of Communication, is owned 100% by the Government of India with process of forming it starting in August 2016. India Post has 40 crore customers with over 17 crore post office savings bank accounts making it the largest financial enabler, the CPMG said. A special cover on financial inclusion will also be released on the occasion, he added.
