Ever imagined the convenience of getting the much needed money at your doorstep or depositing money in your accounts without undergoing the hassle of going all the way to the banks.
Come April, it will be virtual transformation for the India Post. The oldest and the largest financial service provider in the country will foray into payments bank in Telangana. Christened as India Post Payments Bank (IPPB), the Department of Posts (DoP) initiative is set to offer a slew of services to its customers including banking at doorstep.
Launched on pilot basis in Raipur and Ranchi in January last year, the IPPB will be rolled out in 23 branches in Telangana with Hyderbad GPO and Siddipet Head Office taking the lead in commencing operations from April. There are 5,891 branches across Telangana.
The IPPB account holders — savings and current accounts — can opt for internet and mobile banking, biometric cash deposits and withdrawals at the doorstep. Services including remittances, bill payments, direct benefit transfer, insurance, mutual fund and disbursal of loans of other banks through third party tie-up are on the anvil.
The IPPB will not provide physical ATM cards to its customers but will offer QR cards, which carry a bar code for taking up any transactions at all channels of IPPB. It will offer virtual debit cards on the mobile banking app of IPPB. Talking to The Hindu , Post Master General, Hyderabad Headquarters region, P.V.S.Reddy said the existing SB account holders have to give their consent to migrate to the IPPB.
“We will have dedicated IPPB personnel at all these specialised branches. The recruitment process is completed and a team of at least six members will man the operations in the designated branch. The newly recruited personnel have been given orientation and we are all set to launch the services sometime in April,” he said.
He said there will be extensive use of postmen and Grameen Dak Sevaks for the IPB and all of them will get incentives for every transaction they perform.
The senior postal official said accessibility, affordability and trust will be the three key elements of IPPB vision. “With IPPB customer will have the ease of availing the banking services and will give a push to digital, paperless and secured banking facility to the last mile through the postal department,” he said.
Hyderabad GPO, Siddipet Head Post Office. The rest will come up in Adilabad, Bhongir, Jangaon, Kamareddy, Karimnagar, Gandhi Chowk, Mahabubnagar, Mancherial, Medak, Nagarkurnool, Nalgonda, Nizamabad, Peddapalli, Sangareddy, Huzurnagar, Hanamkonda, Mahabubabad, Nirmal, Sircilla, Vikarabad and Wanaparthy.