India post payment bank

Union Minister for Health and Family Welfare Jagat Prakash Nadda will inaugurate the India Post Payment Bank at Buckinghampet post office at Vijayawada on Saturday, according to Chief Post Master General K Subramanian of Andhra Pradesh.

Addressing newsmen here on Friday, he said Prime Minister Narendra Modi would digitally launch the Payment Bank from New Delhi.

he said that for the first time the India Post is embarking on payment bank operations though it secured permission from the Reserve Bank of India in 2015.

He said that the all post offices would have the Payment Bank facilities in future and at present one Bank at Buckinghampet and another at Gudivada would be launched.

The paperless banking service which Aadhaar-based would help the rural people with Banking services at their doorstep, Manager Prasanti said. 

She said that a missed call is enough to operate banking transactions. "The rural people could deposit up to Rs 5,000 through the postman of the village sitting at home, she added.