Vijayawada: The prestigious India Post Payment Bank (IPPB) will come up in Vijayawada very soon. The works have been started for setting up of the bank at Buckinghampet Post Office in Vijayawada. Probably the IPPB services will be available after September this year. The target of the IPPB services is 650 branches in the country by end of September 2017.
India Post department officers would like to initiate the India Post Payment Bank branch in Vijayawada by end of August. According to Post India officers, Vijayawada is the second bank of Andhra Pradesh. The department had been started works regarding bank services. The Postal department has allotted a space for setting up of IPPB branch at Buckinghampet Post Office building in Governorpet.
The department authorities made partition for setting up Post Payment Bank. As per India Post guidelines, works are taken up. In the first stage, a branch of IPPB will be opened at the district headquarters. Later, it will be extended to other places. It is expected to provide the much-needed banking facilities in un-banked and under-banked areas. For the postal department, Vijayawada is the headquarters. So the department officers have entrusted IPPB works at Buckinghampet post office.
The civil works for setting up of IPPB will be completed in next two months. On the other hand, India Post authorities had been started the recruitment process for the city IPPB at Buckinghampet. According to Buckinghampet branch Post Master Uma Shankar Reddy, on the directives of higher authorities, bank works were taken up. The department officers have not yet announced inauguration date so far, he added.
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