India Post Payments Bank – Post office branches to be linked by December

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With the official launch of India Post Payments Bank (IPPB) just days away, there has been a lot of speculation regarding the linking of post offices under the new system. According to a report by LiveMint, the linking of post offices to the IPPB system is likely to be completed by December this year.

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All post offices in the country will be linked under India Post Payments Bank by December.

Prime Minister Narendra Modi is set to launch IPPB on August 21.

A total of 3,250 customer access points will be opened across 650 districts of the country, with there being a provision for doorstep banking.

There are currently over 1.5 lakh post offices in India, with all of them expected to be linked to the system by the end of this year. Under India Post Payments Bank, around 3 lakh postmen and postwomen will ensure that the issues plaguing last-mile connectivity are resolved. They will be provided biometric devices and mobile phones to offer doorstep banking facilities to customers.

This doorstep facility, however, will carry certain charges. For instance, those opting for doorstep facility will be charged anywhere between Rs.15 and Rs.35 per transaction, depending on the amount of the transaction.

The maximum limit for cash transactions under doorstep banking is Rs.10,000.

In addition to doorstep banking, IPPB will offer products such as current accounts, savings accounts, money transfer, etc. Customers can also pay utility bills at branches.

Source: LiveMint

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