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The government has opened around 1.25 lakh branches of India Post Payments Bank and soon, it will have operations across over 1.5 lakh locations, Communications Minister Manoj Sinha said on Friday.
“Department of Posts (DoP) has opened India Post Payments Bank for unbanked and underbanked people. There are lump sum 1.25 lakh branches. Shortly, it will have 1.5 lakh branches,” Sinha said while unveiling post stamp on Mahamati Prannathji.
Prime Minister Narendra Modi launched IPPB on September 1 last year with an aim to take banking services to the doorstep of every citizen by arming 3 lakh postmen and ‘Grameen Dak Sewaks’ with digital aids to deliver financial services.
The payments bank can accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services such as ATM/debit cards, net banking and third-party fund transfers. However, it cannot offer loans directly, or issue credit cards.
“Since the time of independence, there were around 1.3 lakh bank branches, we are going to provide more bank branches than that,” Sinha said.
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