Question : India Post Payment Bank

(a) the salient characteristics of India Post Payment Bank (IPPB);

(b) the funds sanctioned, allocated and utilized thereunder during each of the last three years, State/ UT-wise;

(c) the target set and achievement made by the Government so far thereunder in the country, State/ UT-wise especially in rural and far flung areas of Tamil Nadu;

(d) the details of facilities provided to subscribers of IPPB; and

(e) whether the Government is planning to expand this scheme in the next five years and if so, the details thereof?

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

(a) to (e) India Post Payment Bank is a 100% government owned Schedule-II Payments Bank offering a range of products such as savings and current accounts, remittances and money transfer, direct benefit transfers, bill and utility payments, enterprise & merchant payments and Aadhar Enabled Payment System (AePS). These products, and related services, are being offered across multiple channels (Counter Services, Micro-ATM, Mobile Banking App, SMS and IVR, and at the doorstep).

Total funds sanctioned and released for setting up and day to day operations of India Post Payments Bank are Rs. 1435 crores. These funds have been allocated to IPPB as a bank and not State/Districts wise. Details of the funds sanctioned and allocated are at Annexure-I. The scheme target of setting up of India Post Payments Bank has been achieved by launching of the Payment Bank and setting up of 650 branches along with their related customer access points. The Government has a vision of enabling unbanked households with bank account by covering 4.25 crores households and of delivering banking services across 6.5 Lakh villages over the next five years.