Modi, Gadkari to launch India Post Payment Bank on Sept 1

Source: The Hitavada      Date: 31 Aug 2018 09:49:27



Business Bureau

While Prime Minister Narendra Modi will be launching the India Post Payment Bank at the all India level, Union Minister of Road Transport and Highways Nitin Gadkari will perform inauguration of the same here at a special function to be held at Nagpur General Post Office (GPO) located at Civil Lines at 2.30 pm on September 1.

Announcing this here at a press conference on Thursday, Ramchandra Jayabhaye, Postmaster General, Nagpur Region, Nagpur said that the initiative is aimed at building the most accessible, affordable and trusted bank for the common men. Initially 650 branches and 3,250 access points will be rolled out. A live streaming of the national level launch event will telecast at various places across the country. Modi will preside over the main event being held at Talkatora Stadium, New Delhi at 3.15 pm. Manoj Sinha, Minister of State Communication will also attend the function.

In Vidarbha, 11 branches and 44 access points will be opened. The Government has planned to open in all 1.55 lakh access points in the country by December 31, 2018, said Jayabhaye.

“About 1.30 lakh post offices which is nearly 2.5 times of the bank branches in rural areas, will act as access points of the bank. More than 3 lakh postmen and Gramin Dak Sevaks will offer assisted door step banking in rural, urban and remote areas through the bank,” he pointed out. IPPB will partner with financial organisations to provide loans, investment and insurance products. IPPB will also provide services like NEFT, RTGS, IMPS and more. Shashin Rai, Assistant Director Media and Communication, PIB was also present at the press conference.