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India Post Payment Bank’s 73 branches to get operational in UP from tomorrow

India Post Payments Bank (IPPB), a subsidiary of India Post, will start 73 branches in Uttar Pradesh from September 1 when PM Narendra Modi launches the bank at the national level with 650 branches and 3,250 access points.

lucknow Updated: Aug 31, 2018 14:55 IST
HT Correspondent
HT Correspondent
Hindustan Times, Lucknow/Allahabad
India Post Payment Bank,Uttar Pradesh

India Post Payments Bank (IPPB), a subsidiary of India Post, will start 73 branches in Uttar Pradesh from September 1 when PM Narendra Modi launches the bank at the national level with 650 branches and 3,250 access points.

“We will also have 292 Seva Kendra in Uttar Pradesh where our customers can avail the banking services,” said chief post master general of UP VP Singh on Thursday.

“The plan is to include all 17,667 post offices across the state with IPPB in days to come,” Singh added.

“The objective is to provide the most accessible, affordable and trusted bank for the common man. It also aims at spearheading financial inclusion agenda by eliminating barriers for the unbanked,” said senior superintendent of post offices, Allahabad division, Sanjay D Akhade.

He said in the first phase, Allahabad head post office had been earmarked for IPPB. “The inauguration of IPPB is also scheduled in Allahabad and in other branches like Jhunsi, Chatnag, Chhibaiya and Malawan Khurd,” he added.

“Minister Gopal Ji Tandon, Allahabad MP Shyama Charan Gupta, MLA Harsh Vardhan Bajpayi and mayor Abhilasha Gupta are expected to participate in the launch at Allahabad head post office,” he said. Prime Minister will launch the service at a special function scheduled to be held at Talkatora Stadium, New Delhi.

Several governors, chief ministers, union and state ministers and MPs and MLAs will lead the launch functions at 650 branches and 3,250 access points. Under this initiative, about 11,000 postmen both in rural and urban areas will provide doorstep banking services.

The bank will provide services such as current account, savings account, remittances, money transfer, direct benefit transfer, enterprise and merchant payment. As per plan, all 1.55 lakh post offices in the country will be linked to the IPPB system by December 31. As a result, the number of access points will increase to 1.55 lakh by the end of 2018, of which 1.30 lakh branches will be in rural areas.

First Published: Aug 31, 2018 14:55 IST