India Posts Payments Bank
The Department of Posts has
been providing financial services to the citizens of India across its length
and breadth since 1880s. Though we are not a formal bank, our branch network is
three times as dense as that of any bank and holds the largest number of
customer accounts. Our staff has unsurpassed connect with the local
communities. This has enabled us to earn the trust of people, which often takes
organizationscenturiesto build.
With this legacy, customer
trust and reputation, the Department of Posts, in line with the vision of the
Government of India is setting up its own payments bank to achieve financial
inclusion for a vast majority of unbanked and underserved population.
Department of Posts (DoP) is
setting up a new payments bank. A Payments Bank is a “differentiated bank”
set-up under the guidelines of the Reserve Bank of India (RBI) to further
financial inclusion for the underserved population.
Department received the
in-principle approval to setup a payments bank from RBI on 7th September 2015.
Setting up of payments bank is
in accordance with the Government of India’s vision of increasing Financial
Inclusion. India Post Payments Bank (IPPB) will reach the un- banked and the
under-banked across all cross sections of society and all geographies. IPPB
will offer them affordable and simple services that will help them take the
first step towards prosperity.
Payments Bank
IPPB will be a 100% subsidiary
of the DoP. It will use DoPs wide reach, branch network, customer knowledge and
reputation of trust and contribute to the revenues of the Department and
strengthen its relevance, with the adoption of new age technologies and
improved customer service. India Post Payments Bank will ensure that the
payments and remittance services offered through the postal network are well
aligned with Government’s vision.
IPPB has proposed to open 650
branches in the Circle, Regional, and Divisional offices linking the connected
post offices as access points. The post offices at different levels (HOs, SOs,
and BOs) will be the main customer access points for the bank’s services.
Its operations will provide
quality and affordable services to financially underserved people and increase
its market share. It will also ensure that all types of government to citizen
payments like subsidy payments, pensions, MNGREGA wages and DBT are channeled
through the payments bank and the DoP network.
India Post Payments Bank (IPPB)
Your
Role in IPPB’s Success
IPPB will open new
opportunities and new ways of working in this age of technological revolution.
New and improved services will result in increased customer satisfaction and
strengthened customer base will assist in increasing employee satisfaction and
morale.
Department’s strength lies in
its staff and their resilience. Staff’s capabilities has given the Department
the confidence to embark on this new journey of setting up a payments bank. In
order to achieve IPPB’s vision, the Department solicits support of its valued
staff across levels who form the backbone of its business.
IPPB processes will be simple
and supported by user-friendly and interactive technology. IPPB’s customer
interaction access points will use the upcoming micro-ATMs and mobile based
devices like smart phones. In order to efficiently run the operations of IPPB,
there will be training offered before the launch to quip staff with the
business requirements. The Department will continue to support and handhold its
staff as required.
Our capabilities and
strengths are also being recognized by other banks and financial institutions
that are expressing interest to partner with us as the third party in this
journey. These are organizations of repute in the national and international
market. This confidence reposed by the Government and organizations of repute
who want to partner with us in this journey can be accomplished with support
from DoP staff across levels. A whole-hearted contribution from each one of you
will be critical to the success of the India Post Payments Bank.
