by Suman Gupta
The launch of India Post Payments Bank will be held in 42 branches and 168 access points (Sub Offices/Branch Offices) of Maharashtra Circle. Hon’ble Governor of Maharashtra, Shri C. Vidyasagar Rao will inaugurate Andheri IPPB branch at Raj Bhavan, Mumbai and Hon’ble Chief Minister of Maharashtra, Shri Devendra Fadnavis will inaugurate Girgaon branch at Mumbai GPO on 1st September’2018. Similarly, Hon’ble Ministers of Central/State and Members of Parliament will inaugurate the launch function in different branches of IPPB in Maharashtra. A Special Cover on “Financial Inclusion” will also be released on this occasion to commemorate the launch function of IPPB at 42 branches.In Maharashtra, already 12428 IPPB accounts have been opened as on 27.08.2018.
Vision and Mission
- To build the most accessible, affordable and trusted bank for the common man
- To spearhead the financial inclusion agenda by removing the barriers for the unbanked and underbanked population
Role of Government in IPPB
- IPPB has been set up under the Department of Posts, Ministry of Communications, with 100% equity owned by Government of India
Products and Services
- IPPB will offer a range of products such as savings and current accounts, remittances and money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments
- These products, and related services, will be offered across multiple channels (Counter Services, Micro-ATM, Mobile Banking App, SMS and IVR), using a bank grade, cutting edge technology platform
Third-Party Products
- As per payments bank guidelines, IPPB will partner with financial organizations to provide loans, investment and insurance products. IPPB has finalized the following partnerships
- Bajaj Allianz Life Insurance for the distribution of Life Insurance products. These will be made available shortly. These products will be complimentary to Postal Life Insurance products
- PNB Metlife Insurance for the distribution of PMJJBY, the government’s flagship insurance program
The IPPB Advantage
- Vast network and reach of India Post with a rural India penetration of 1,30,000 access points (Post Offices), which is nearly 2.5 times the number of bank branches in rural India today
- A large work force of 3,00,000+Postmen and Gramin Dak Sevaks (GDS) offering Assisted Doorstep Banking in rural, urban and remote areas
- IPPB will make banking and payments simple. Using Aadhaar, it will open paperless accounts in minutes and allow customers to make digital transactions with the help of QR Cards and biometric authentication
- For IPPB, the last mile service partner is the Postman.The Department of Posts (DoP) represents sovereign trust, andpartnering with such an institution will setIPPB apart
IPPB -Customers / Beneficiaries
- Include Senior Citizens, Students, Homemakers, Urban Migrants, Farmers, DBT Beneficiaries, Rural Influencers, Kirana Stores and Small Businesses
IPPB – Core Values
Accessibility
- With a network of 1,55,000 post offices countrywide, and 3,00,000+Postmen and GDS servicing the last mile, IPPB will be India’s Most Accessible Bank
- With IPPB’sDoorstep Banking Services, customers don’t even need to leave their homes
Approachability
- Last mile service delivery through the Postman –a friend, philosopher and financial guide
Affordability
- IPPB will leveragepublic infrastructure(Reserve Bank of India (RBI) / National Payments Corporation of India (NPCI), Payments Settlement Systems) to offer last mile affordable banking
- Aadhaar-based customer onboarding will reduce the cost of customer acquisition – a benefit that will be transferred to the end customer
Ease of Banking
- The last mile delivery agent (Postman, GDS) is armed with financial knowledge, and equipped with a smartphone and biometric device, enabling him/her to offer financial services and guidance with relative ease
- IPPB’s QR card eliminates the need for customers to remember their account number and PIN
Digital Ecosystem
At Macro Level
- IPPB’s 360 degrees payments suite creates transparency, removes corruption and leakages by removing cash from the system, enabling a less cash economy – and thus contributes to India’s GDP
Individual Level
- Customers can transact without cash through digital channels (IPPB mobile app, QR card). The bank will equip and enable small merchants and vendors to accept cashless payments (QR-code enabled payments)
Financial Inclusion and IPPB
- Customer literacy is IPPB’s biggest mission
- IPPB will promote Financial Inclusion through Financial Literacy – educating customers on how insurance secures the unsecured, how wealth grows from wealth and how even a small saving can go a long way towards building a better future
- IPPB will train3,00,000 Postmen and GDS to provide financial guidance to our customers
Digital India and IPPB
- India has traditionally been a cash dominated economy. In order to evolve as a digital economy, it is critical to have points of presence where cash can be converted to digital money
- Department of Posts, with its huge network consisting of 1,55,000 post offices with 80% rural penetration,is critical in enabling a digital economy
- IPPB is structured as a digital bank and will leverage DoP’s physical infrastructure to provide last mile banking services
- IPPB will also focus on creating a digital acceptance ecosystem to further promote a less cash economy
Link between IPPB and Departments of Posts
- DoP has been a pioneer of Financial Inclusion in the country. It services over 40 crore customers in India with over 17crore Post Office Savings Bank accounts, making it the largest Financial Inclusion enabler
- IPPB has built a strongly integrated model with DoP under which any Post Office Savings Bank Account holder will be able to availadditional services provided by IPPB by linking accounts
- This is a win-win proposition – IPPB will provide DoP customers with a complete bouquet of banking services. In turn, POSB accounts will become sweep out accounts for customers when the balance exceeds Rs. OneLakh
- IPPB will enable the post office to accept digital payments at counters, offer small savings schemes online (NSC/KVP/PPF) and increase its footprint in the e-commerce world by providing electronic cash on delivery options to its customers at their doorstep
IPPB Rollout Plan
- Nationwide launch by the Hon’ble Prime Minister, with 650 Branches and 3250 Access Points, on 1st September’2018
- Will be extended to cover all 1.55 lakh Access Points in the country by 31st December 2018
