CSIP: PRELIMS BOOSTER SERIES-442 ECONOMY
INDIAN POSTAL PAYMENTS BANK
Why in News?
India Post Payments Bank (IPPB) proudly announces the attainment of a significant milestone, with eight crore customers now benefiting from its innovative and inclusive financial services.
What is Indian Postal Payments Bank?
- India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.
- IPPB was launched on September 1, 2018.
- The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India.
- The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.
- The IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS integrated smartphone and biometric device.
- Leveraging frugal innovation and with a high focus on ease of banking for the masses, the IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.
- Services Provided-
| DEPOSITS | – Savings Account – Current Account |
| MONEY TRANSFER | – Simple & Secure – Instant – 24×7 |
| DIRECT BENEFITS TRANSFERS | – MGNREGA – Scholarships – Social welfare benefits and other Government subsidies |
| THIRD PARTY PRODUCTS | – Loans – Insurance – Investments – Post Office Savings schemes |
| BILL & UTILITY PAYMENTS | – Mobile and DTH recharge – Electricity, water & gas bills – Donations & insurance premiums |
| ENTERPRISE AND MERCHANT PAYMENTS | – Postal products – Digital Payment of e-commerce delivery(CoD) – Small merchants/kirana stores/unorganized retail – Offline payments – Cash Management Services |
