THE MINISTER OF STATE (IC) OF THE MINISTRY OF COMMUNICATIONS &
MINISTER OF STATE IN THE MINISTRY OF RAILWAYS
(SHRI MANOJ SINHA)
(a) India Post Payments Bank (IPPB) has been incorporated as a Public Sector Under taking under Department of Posts with 100% Government of India Equity. IPPB as an organization, is designed to leverage the field network of the Department of Posts (DoP) and is required to carry out its sales and operations through the workforce of the DoP. IPPB will be responsible for designing the products and services, defining the technology and service delivery platforms, marketing and third party tie-ups, setting and monitoring the service quality standards, handling customer grievances, managing the risks of the banking operations, and dealing with statutory and regulatory compliances etc.
IPPB would be offering the payment bank services to the rural population using Door Step (Assisted) Banking along with the regular counter services through the Postmen/Gramin Dak Sewaks ( GDS) and Postal Assistants .
(b) The details of the funds allocated by IPPB to circles including Gujarat circle are at Annexure – I.
(c) The details of the number of branches and access points opened across the country including West Bengal, Kerala and Maharashtra are at – Annexure- II.
(d) The details of the facilities provided by the bank are:
(i) IPPB is offering 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.
(ii) These products, and related services, are being offered across multiple channels ( Counter Services, Micro- ATM , Mobile Banking App. SMS and IVR), using a bank grade, cutting edge technology platform.
(iii) Third – Party Products: Based on the payments bank guidelines, IPPB has partnered with financial organizations to provide loans, investment and insurance products. IPPB has partnered with i) Bajaj Allianz life Insurance for the distribution of Life Insurance products such as term insurance which are complimentary to Postal Life Insurance products and ii) PNB MetLife Insurance for the distribution of PMJJBY, the governments’ flagship insurance program.
IPPB shall provide these services through 1.55 lakh post offices.
(e) & (f) It is proposed all the 1.55 lakh post offices shall be linked with IPPB subject to feasibility by 31/12/2018, and provide the postal banking services through counter and doorstep services.
(g). No Madam there is no such proposal. However IPPB shall provide these services across the country through 1.55 lakh post offices.
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