IPPB to be converted into small finance bank

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The postal department has decided to convert the India Post Payments Bank into a small finance bank. This bank will provide micro credit at the doorsteps to individuals and SME’s. The postal department has also target the milestone of 1 crore accounts for IPPB in 100 days.

India Post will partner with Common Service Centre to provide a suite of citizen centric services such as banking, remittance, insurance, DBT, bill and tax payments etc at post offices.

India Post Payments Bank :

India Post Payments Bank (IPPB) is a 100% government owned payments bank operating under the Department of Posts, Ministry of Communications, which aims to utilize all of India’s 155,015 post offices as access points and 3 lakh postal postmen and Grameen Dak Sewaks to provide house to house banking services.The first phase of the bank with 650 branches and 3250 post offices as access points was inaugurated on 1 September 2018.Over ten thousand postmen have been roped into the first phase.