Friday, March 31, 2017
1.55 lakh post offices to become access points for the India Post Payments Bank (IPPB)
The Department of Posts
has installed 976 ATMs which are mostly located in the rural areas of India,
union minister Manoj Sinha informed the Lok Sabha.
The minister said that
the Department of Posts has set up India Post Payments Bank (IPPB) as a Public
Limited Company on August 17, 2016 under the Companies Act 2013, to further the
financial inclusion objectives of the government.
The IPPB has launched
operations in Raipur (Chattisgarh) and Ranchi (Jharkhand) with 8 access points
on January 30, 2017. It is proposed to set up access points co-located with
district level post offices in up to 650 districts with linkages to all the
post offices throughout the country by September, 2017, subject to feasibility
and fulfillment of regulatory requirements.
Thus after complete
roll-out, approximately, 1.55 lakh post offices will become access points for
the IPPB. Read: India Post launches payments bank Sinha said that IPPB has not
installed any ATM, as of now. IPPB has issued 1,619 Debit Cards of which 832
debit Cards have been issued in Jharkhand and 787 debit Cards have been issued
in Chattisgarh.
The minister said that
many companies have approached the Department of Posts for IPPB which include
domestic and international financial entities in the field of banking,
insurance, international money transfer, mutual funds etc. Some preliminary
discussions had taken place with International Finance Corporation (World
Bank); no formal proposal to this effect has been received.
While the department is
in various stages of discussions with them, decision on formal partnerships
will be taken after carefully evaluating the entire value proposition that they
propose for the common man, he said.
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