In a country as vast and populated as India, not everyone has access to technology. The country may have one of the largest populations in the world but most of those people lie well below the poverty line. Access to basic services like health and even banking is unheard of and people living in the interiors of India often have to walk miles to get these and other services. However, with the introduction of the India Post Payments Bank or IPPB within post offices across the country, banking woes could soon be a thing of the past for these people.
IPPB and its various services are here to make citizens’ lives easier
On Saturday, PM Narendra Modi introduced the IPPB across the country. The IPPB is a bank which has been set up to ensure that every individual across the country, especially those in rural areas have access to banking facilities. The most distinct feature of IPPB is doorstep banking. That means every service, such account opening; cash deposits/withdrawals; money transfers; recharge and bill payments; third-party services like insurance, loans, and investments; to other account-related services like updating PAN/nomination details, requesting account statement, and issuing standing instructions. The only service that cannot be directly offered is loans and insurance but IPPB has tied up with PNB and Bajaj Allianz Life Insurance for their customers to procure these.
IPPB all over Goa by the end of the year
At the same time that the bank was launched on Saturday, Goa too launched 10 IPPB access points across the state. As of now, North Goa has a branch in Panjim and South Goa has one in Margao. Governor Mridula Sinha launched the Panaji branch and South Goa MP Narendra Sawaikar inaugurated the Margao branch at two different functions in the state.
Governor Sinha spoke at the inaugural function held at Menezes Braganza hall in Panjim. She said that it was a festive day with a positive revolution taking place in the country’s postal sector.
“It is the vision of the Prime Minister, which is now utilizing more than three lakh postmen and post-women, who were on the verge of getting redundant in the digital era,” she stated, adding that the IPPB will be very much beneficial to those, whose houses are located in deep interiors of the country.
The guest of honor at the event was Rajya Sabha member, Vinay Tendulkar who added that the IPPB would definitely benefit the underprivileged.
Postmaster general, Goa region, N Vinodkumar also spoke at the event saying that by year-end, all 258 post offices in the state will have IPPB access points, with postmen moving around with smart devices.
“The Indian Post will now have physical network supported by the digital edge,” he noted.
Senior superintendent of post offices in Goa, Archana Gopinath said that with the population being so vast, not everyone has access to formal banking. Therefore, the Indian Post is setting its own payment bank for financial inclusion of ‘underbanked’ or unbanked population.
“This population would be provided with banking services at their doorstep through the IPPB,” she noted, pointing out that the Panaji branch of the IPPB will be most accessible, affordable, approachable and trusted bank.
Information credit
India Post Payments Bank interest rates, facilities in 10 points
ItsGoa/SEPT/KDGP
