Herald: IPPB to be launched today

IPPB to be launched today

01 Sep 2018 06:09am IST

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Team Herald

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01 Sep 2018 06:09am IST

Report by
Team Herald

PANJIM: Despite Prime Minister Narendra Modi’s interventions in Jan Dhan Yojna, there are about 20 crore people who are yet to have a bank account in the country. To ensure bank accounts to all, the Department of Post has set up India Post Payment Bank (IPPB) with 100 per cent equity owned by the Government of India. 

This will be inaugurated on September 1, 2018 by Prime Minister, Narendra Modi. The IPPB will have 650 branches all across India, which will be manned by not less than 90,000 employees. About 1,54,882 post offices in the country will act as access points for IPPB. 

“About 20 crore population do not have a bank account in India and of which, 60 per cent are women. This bank will have a zero-balance account for individuals and it will be linked to Adhaar Card. However, connectivity will be crucial for the success of this bank as everything will be done online. In Goa there are 257 post offices and they will be known as access points. About 700 people in Goa will be working on this through their smart phone device,” said Dr N Vinodkumar, Postmaster General of Goa region.

IPPB aim is to build the most accessible, affordable and trusted bank for common man and to spearhead the financial inclusion agenda by removing barriers for those who do not have any bank accounts. Since it will be funded by the tax-payers’ money, it will aim for its self-sustenance.

In Goa the launch will be held simultaneously in six branches and 30 access points. Soon after the launch by Prime Minister Modi in national forum, the Governor of Goa, Mridula Sinha will inaugurate the Panjim branch of IPPB. The Margao Branch will be inaugurated by Lok Sabha South Goa MP, Narendra K Sawaikar. A special cover on ‘Financial Inclusion’ will also be released during this occasion to commemorate the launch function of IPPB.

“In last three days we have already opened about 2000 bank accounts through our smart phones in Goa and this number will grow if will have the full strength of 700 people working on this. At present only about 30 people are having this smart phone device but the rest of it will be procured soon,” said Archana Gopinath, Senior Superintendent of Post Office in Goa division.

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