India Post Payments Bank crosses 1.25 lakh branches, soon to hit 1.5 lakh

The government has started around 1.25 lakh branches of India Post Payments Bank and soon, it will have operations across over 1.5 lakh locations, Communications Minister Manoj Sinha said Friday.

“Department of Posts (DoP) has opened India Post Payments Bank for unbanked and underbanked people. There are lump sum 1.25 lakh branches. Shortly, it will have 1.5 lakh branches,” Sinha stated while unveiling post stamp on MahamatiPrannathji.

Prime Minister Narendra Modi set up IPPB on September 1 last year with an aim to take banking services to the doorstep of every citizen by enforcing three lakh postmen and ‘Grameen DakSewaks’ with digital aids to deliver financial services.

The payments bank can take deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services such as ATM/debit cards, net banking, and third-party fund transfers. However, it cannot offer loans directly, or give credit cards.

“Since the time of independence, there were around 1.3 lakh bank branches, we are going to provide more bank branches than that,” Sinha stated.

Conversing about the stamp launch, the minister said that earlier, it was a trend in this country that post stamps of only special people from prime families were issued.

“After 2014, under the direction of Prime Minister, Department of Posts had a mandate to issue post stamps of people of eminence who made a special contribution at national and international level. In this sequence, this post stamp has been issued today. I am fortunate that we are issuing post stamp today on one such majesty MahamatiPrannathji,” Sinha said.

Founder of Shri Krishna PranamiSampraday, Prannathji was born on October 26, 1618, in the Jamnagar.

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