- The Prime Minister, Shri Narendra Modi, launched the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi on September 01, 2018.
- Here are some important points to remember:
- No. of branches launched: 650 branches and 3,250 access points.
- The payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. It cannot offer loans.
- The government owns 100 per cent in the IPPB.
- Managing Director & CEO: Shri Suresh Kumar Sethi
- Tag Line: Aapka Bank, Aapke Dwaar
- All the 1.55 lakh post offices in the country will be linked to the IPPB system by December 31, 2018. IPPB has permission to link around 17 crore postal savings bank (PSB) account with its account.
- The IPPB will not offer any ATM debit card. Instead, it will provide its customers a QR Code-based biometric card.