About India Post Payments Bank:
- It has been established under the Department of Posts, Ministry of Communication, with 100% equity owned by the Government of India.
- It was launched on September 1, 2018.
- It has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India.
- Mandate: The fundamental mandate of this bank is to remove barriers for the unbanked and underbanked and reach the last mile, leveraging the Postal network.
- Functions of India Post Payments Bank:
- The operation of IPPB is on a smaller scale as compared to other banks and will not advance loans or issue credit cards to avoid risk.
- It accepts deposits, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.
- It accepts deposits upto Rs 2 lakh, beyond which the account will be automatically converted into a post office savings account.
- The products and services of the bank are made available through various mediums such as counter services, micro ATMs, mobile banking apps, messages, and interactive voice responses.
- The IPPB uses Aadhaar to open accounts, and a QR card and biometrics will be used for authentication, transactions, and payments.
