Hyderabad: Postal bank sees surge in new accounts

Hyderabad: Indian Post Payments Bank (IPPB), a recently introduced initiative of Department of Post, Ministry of Communication, is receiving a good response from the citizens especially the poor and the small traders in the city. This service gained steam during the present scenario created out of covid-19 outbreak. People, living through the restrictions are finding it more feasible then operating an account in any other public or private sector bank. Though the initiative began in 2018 but the facility has gained prominence only after imposition of lockdown restrictions.

"Citizens have to approach post offices in their respective areas besides GPO, Abids and complete the bio-metric formalities through AEPS (Aadhaar Enabled Payment System) to generate the account. They need to take Aadhaar copy with them to get it done fast. Actually, the IPPB facility was introduced to allow people to transact digitally and seamlessly. People can avail of the State or Central government schemes by opening an account by depositing just Rs 100," informed K Jayaraju, Chief Postmaster, GPO, Abids.

"Actually, this facility gained momentum after the imposition of lockdown when the State and Central government began the process of crediting money into accounts through banks and post offices. People having bank accounts were getting direct benefits while those with no accounts were suffering as they didn't get their doles. To avoid such situation we have advised people to open IPPB account that would help them get the subsidy amount from the State or the centre," informed the official.

Especially people living in rural areas would benefit more with the service as there are very few banks available in far flung areas. Besides providing ATM and debit cards, the account holders could withdraw the credited monies by visiting the post office in their areas. This service was designed through AEPS (Aadhaar Enabled Payment System) that help the customers withdrawn the amount of banks through post offices, he added.