India Post Payments Bank (IPPB), a subsidiary of India Post, will have its presence in Dakshina Kannada from September 1 when Prime Minister Narendra Modi launches the bank nationwide.
Union Minister for Statistics and Programme Implementation D.V. Sadananda Gowda will inaugurate the branch and five access points in Mangaluru on that day, said Diwakara, Senior Superintendent of Post Offices, Mangaluru.
Mr. Diwakara told reporters here on Wednesday that the bank, under the Ministry of Communications, is wholly owned by the Union government. Its main objective is to provide the most accessible, affordable and trusted bank for the common man. It also aims at spearheading financial inclusion agenda by eliminating barriers for the unbanked.
The main branch of the bank would be located at Balmatta Post Office while its access points would be available at Mangaluru Head Post Office, and Balmatta, Katipalla, Kuthethoor and Soorinje post offices. India Post intends to roll out the facility across the country by December 2018. All 542 post offices in Dakshina Kannada and 202 post offices in neighbouring Udupi would become access points by December 31, Mr. Diwakara said.
A range of products, including savings and current accounts, remittances and money transfers, direct benefit transfer, bill and utility payments and enterprise and merchant payments, would be available for the general public at the bank. Products and services of the bank would be offered through multiple channels using cutting-edge technology. The bank would partner with financial institutions to provide loans, investment and insurance products.
There would not be any hassle in opening an account; one can do so using Aadhaar within minutes which facilitates customers to perform digital transactions with the help of QR codes and biomeric authentication. Mr. Diwakara said the ground staff, postsmen and gramin dak sevaks would get financial incentives to open and operate IPPB accounts.
