IPPB is affordable, trusted bank of common man: Gadkari

Source: The Hitavada      Date: 02 Sep 2018 10:14:16


Business Bureau,

The newly opened banks will offer its services without involving any credit risks It will accept deposits of upto Rs 1 lakh, mobile payments, along with other banking services

As the country witnessed national level inauguration of the India Post Payment Bank (IPPB) at the hands of the Prime Minister Narendra Modi at the function held at Talkatora Stadium in New Delhi on Saturday, Union Minister for Road Transport and Highways, Shipping and Water Resources, River Development and Ganga Rejuvenation Nitin Gadkari marked inauguration of its Nagpur Branch here at General Post Office at Civil Lines, Nagpur.

Ramtek MP Krupal Tumane; Rajya Sabha MP Dr Vikas Mahatme; Postmaster General, Nagpur Region - Ramchandra Jayabhaye, MLC Professor Jogendra Kawade; MLA Milind Mane and Senior Superintendent of Post Office (Nagpur City) - Vasundhara Gulhane were among the prominent persons present on the occasion.

Addressing the gathering Gadkari said that the move would revolutionise the country’s economy, especially in the rural areas. “The villagers and those staying in remote places will no have to cover long distances to visit a bank. With the new system in place, the bank will come to their door step and offer various services,” he said.

Gadkari also said that the postmen equipped with technologically advanced gadgets will assist the villagers to avail banking facilities. Elaborating, Gadkari said that the initiative is aimed at building the most accessible, affordable and trusted bank for the common men.
A live streaming of the national level launch was telecast during the function here. In his address Modi the initiative would support the Government’s effort to make the Indian society a cashless economy. “With the help of thumb impression and Aadhar card linkage, one could open bank account within no time. It will also allow them to make cashless transactions,” he said.

Modi said the Government had changed the fate of large number of postmen in the country by way of giving them new technology. “They will not only deliver letters but also assist the citizens in performing banking transactions,” he added.

“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 added.
Initially 650 branches and 3,250 access points will be rolled out. 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 which will give banking access to many needy persons.

The newly opened banks will offer its services without involving any credit risks. It will accept deposits of up to Rs 1 lakh, mobile payments, along with other banking services like ATM and debit cards, net banking, and third-party fund transfers. The IPPB will also offer products and services though multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response. IPPB will partner with financial organisations to provide loans, investment and insurance products. Modi also marked inauguration of mobile app on the occasion.
Manoj Sinha, Minister of State Communication and others attended the event at Talkatora Stadium in national capital.