The Bank will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments and enterprise and merchant payments.
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 31st of December this year.
Speaking on the occasion, Prime Minister Narendra Modi said, the launch of this system marks a historic day in the banking sector and this is going to bring a big change in the social system of the country.
He said, with this launch, the banking facilities will reach the doorstep of the people in the remotest parts of the country.
He said postmen and Gramin Dak Sewaks will not only bring letters but also bring banking services at the doorstep of the people. Mr Modi said, his government is transforming the old system by adopting new technology.
The Prime Minister said, India Posts have 1.5 lakh post offices and over three lakh postmen are associated with this system. The government has decided to strengthen this vast network through technology.
‘Cong to blame for NPAs, every penny will be recovered’
The Prime Minister hit out the previous governments led by Congress, saying their policies have destroyed the banking sector.
PM Modi blamed ‘phone-a-loan’ scam of the UPA government for bad loans in the banking sector and said every penny given at the behest of ‘namdars’ (dynasts) will be recovered.
Against Rs 18 lakh crore loans given since Independence to 2008, the figure rose to an astronomical Rs 52 lakh crore in six years thereafter, PM Modi said.
“Loans were given on phone calls made by ‘namdars’ (dynasts),” he said without taking anyone’s name.
Banks lent crores of rupees in contravention of rules to businessmen who were referred by the ‘namdars’, he alleged.
“Knowing fully well that loans will not be paid back, banks lent money on orders of a family to a few,” he said adding the lenders were forced to restructure the debt when the borrowers defaulted.
He charged the previous UPA government of hiding the extent of NPAs. He said, the huge NPAs are the cause of UPA policies and this government has not only identified the cause of rising NPAs but also took measures to deal with them.
He said the government has not given any big loan in its tenure. He said action has been initiated against the 12 big defaulters were given loans to before 2014 resulting a total NPAs of 1.75 lakh crore rupees. He asserted that the government will bring back money from those who have defrauded the banks.
Speaking on the occasion, Communications Minister Manoj Sinha said, IPPB will provide accessible, hassle free and easy financial services to those who have no access to financial services.
He said, at present, there are around 50,000 thousand branches functional in rural areas and 1.30 lakh branches will be added in these areas.
India Post Payments Bank has been envisioned as an accessible, affordable and trusted bank for the common man to help speedily achieve the financial inclusion.
It will leverage the vast network of the Department of Posts, which covers every part of the country with more than three lakh Postmen and Grameen Dak Sewaks.
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