PM Narendra Modi launches India Post Payments Bank; know all about it

Prime Minister Narendra Modi on Saturday launched India Post Payments Bank (IPPB) – the largest payments bank in the country- at an event in Delhi’s Talkatora Stadium. The IPPB will have a robust network with 650 branches and 3250 Access Points across the country. The IPPBs will be linked with all the 1.55 lakh Post Offices in the country by December 31. The IPPB will offer a wide range of banking services such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments.

Here are the highlights of India Post Payments Bank launch:

#04:55 PM: GDP figures a medal for country: On one hand Indian sportsperson have given the best ever performance at the Asian Games 2018, on the other hand, our country has got a medal because of the GDP figures that have come out yesterday: Narendra Modi

#WATCH: PM Narendra Modi at the launch of India Post Payments Bank (IPPB) says, 'on one hand Indian sportsperson have given the best ever performance at the #AsianGames2018 on the other hand our country has got a medal because of the GDP figures that have come out yesterday' pic.twitter.com/RXOGUX0teb

— ANI (@ANI) September 1, 2018

#04:50 PM: Congress left Indian economy on a land mine: Just a few days after our government came to power, we realised that the Congress had left the nation’s economy on a land mine: PM Modi

#04:45 PM: On banking frauds, PM gives himself a clean chit: Swift action is being taken against 12 biggest defaulters who were given loans before 2014. I want to assure the country that none of these big loans was given by our government.

#04:40 PM: Aim is to take banking to every corner of the country: Through India Post Payments Bank (IPPB) we will reach to every nook & corner of the country. Bank & banking services will be available at every person's doorstep: PM Narendra Modi at the launch of India Post Payments Bank (IPPB)

#04:30 PM: What is India Post Payments Bank or IPPB?

1. IPPB or India Post Payments Bank is the country's largest payments bank that will offer a wide range of banking services such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments.

2. The IPPB service aims to provide banking services in rural areas of the country which were largely unbanked.

3. The IPPB will be linked with all the Post Offices and will cover every nook and corner of the country with over 300,000 Postmen and Grameen Dak Sewaks.

4. As per the Prime Minister's Office (PMO), IPPB has been envisioned as an accessible, affordable and trusted bank for the common citizen, to help speedily achieve the financial inclusion objectives of the Union Government.

#04:00 PM: Modi launches India's largest payments bank: Prime Minister Narendra Modi launches India Post Payments Bank (IPPB). IPPB will have 650 branches and 3250 Access Points across the country. All the 1.55 lakh Post Offices in the country will be linked to the IPPB system by December 31.