Question : India Post Payment Bank

(a) whether the India Post Payments Bank (IPPB) will leverage the strength of three lakh postmen, and Grameen Dak Sewaks (GDS) to offer doorstep banking services and if so, the details thereof;

(b) whether there is a limit of Rs. 1 lakh deposit in IPPB account and the linkage between the said accounts and others will help ensure transfer any excess amount into the postal savings account of the same subscriber and if so, the details thereof;

(c) whether the GDS will be equipped with smartphones and biometric readers to enable them to facilitate transactions using a QR code that will be issued to all customers; and

(d) if so, the details thereof?

MINISTER OF STATE FOR COMMUNICATIONS, EDUCATION AND
ELECTRONICS & INFORMATION TECHNOLOGY
(SHRI SANJAY DHOTRE)

(a) Yes Sir, India Post Payments Bank (IPPB) is leveraging the reach of the Department of Posts by equipping nearly 1.8 lakh Postmen and Grameen Dak Sevaks with Smartphones and Biometric devices for providing Doorstep Banking Services. The banking application on these Smartphones is connected to IPPB Core Banking System to enable real time online transactions in assisted mode.

(b) Yes Sir, there is a limit of Rs. 1 lakh on customer deposits in IPPB account at the end of the day as per the Payment Bank guidelines issued by Reserve Bank of India. However, IPPB has integrated with Post Office Savings Accounts (POSA) to transfer the funds in excess of Rs. 1 lakh at the end of the day to the linked POSA account. The integration also allows the existing India Post savings account customers to sweep funds from POSA to IPPB Account seamlessly to enjoy a host of interoperable services such as Money Transfers, Bill Payments, merchant payments, payment of Post Office Savings Schemes and third-party products like insurance, loans and mutual funds.

(c) Yes Sir.

(d) Grameen Dak Sevaks (GDS) have been equipped with Smartphones and Biometric devices to enable them to facilitate transactions using QR Card. QR Card provided to IPPB customers contains the customer account number, both as QR Code and Bar Code so that IPPB customers no longer need to remember their Account Number and payments can be made by scanning the QR code.

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