Business

India Post Payments Bank to soon start ops with 650 branch

It is expected to launch the services by end of August.

New Delhi: India Post Payments Bank is expected to go live with 650 branches and around 17 crore accounts in August, following clearance from Reserve Bank of India to start operations.

“We are looking at launch date. From an operational, technology and market perspective, we are ready to go live,” said India Post Payments Bank (IPPB) MD and CEO Suresh Sethi.

He confirmed that RBI has given approval to IPPB after testing its entire system. The final approval for the launch of IPPB was pending before the RBI. According to sources in the communications ministry the launch of IPPB is expected in August.

When asked about the launch schedule, Sethi without specifying the timings said: “It is very much around the corner”. IPPB was the third entity to receive payments bank permit after Airtel and Paytm. Payments banks can accept deposits up to Rs 1 lakh per account from individuals and small businesses.

It will gradually link all 1.55 lakh post offices

  • The payments bank will gradually link all 1.55 lakh post offices in the country to offer the service.
  • Customers can access their IPPB account through mobile app but it will have limited services.
  • Once a customer completes KYC (know your customers) requirement, the app will start offering all the banking service.
  • IPPB will also launch a mobile app to facilitate online banking service as well as payment for various utilities and services like phone bill, DTH, gas connection, electricity etc.
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