India Post Payments Bank going to launch from tomorrow

Post Master General (PMG) M.Srilatha has said that in view of bringing banking services at the door step of common people Central government is going to launch India Post Payments Banks (IPPB) across the country on Saturday.

Speaking to media persons here on Friday she said that people living in the rural areas are forced to go to towns for opening their accounts having bank transactions from on wards they need not take such risks as the IPPB are providing services even in rural areas like banks.

She said different banking services like Saving Accounts, Current Accounts, Cash Transfer, Counter Services, Micro ATM, Mobile Banking etc are available at IPPBS. She said that IPPBs would have also extend services in Investment, Insurance Sectors by having partnership in various financial and Insurance organizations. She said this kind of facility is available in 130 lakh post offices across the country that is 2.5 percent higher than banking services in the rural areas. She said that the consumer need not to remember either his account or pin number as he would be provided ‘QR” card of which he would have perform transactions easily. Postal Superintendent Srinivasa Rao, IPPB branch manager Vishnuvardhan Reddy and others were present.