India Post Payments Bank
A commemorative postage stamp on the India Post Payments Bank (IPPB), works under Department of Posts, Ministry of Communications, Government of India :
Issued by India
Issued on Jan 30, 2017
Issued for : Department of Posts is pleased to release a Commemorative Postage Stamp on India Post Payments Bank.
Stamp / FDC / Brochure / Cancellation Cachet : Sh. Sankha Samanta
Type : Stamp, Mint Condition
Colour : Multi Colour
Denomination : 500 Paise
Stamps Printed : 300000
Printing Process : Wet Offset
Printer : Security Printing Press, Hyderabad
- Financial inclusion of 100% adult population is a national objective. It is critical for the socio-economic development of the country. There are significant gaps in this area and a large proportion of country’s population remain unbanked or underbanked. In order to effective leverage the ubiquitous post office network with its pan-India physical presence and long experience in cash handling and savings mobilization, the India Post Payments Bank (IPPB) is being set up by the Department of Posts which will bridge the gap in financial inclusion.
- As mandated by the RBI, the India Post Payments Bank (IPPB) would focus on providing basic financial services such as all kinds of payments; including social security payments, utility bill payments, person to person remittances (both domestic and cross-border), current and savings accounts upto a balance of Rs 1 lac, distribution of insurance, mutual funds, pension products and acting as business correspondent to other banks for credit products especially in rural areas and among the underserved segments of the society.
- Set up as a 100% government owned Public Limited Company under the Department of Posts, it will open around 650 branches in district HQ locations. All 1.55 lacs post offices including the 1.39 lac of the rural post offices will be the access points for IPPB. IPPB will usher in state of the art internet and mobile banking platforms, digital wallets and use innovative and emerging technologies to catalyse the shift from a cash dominant to a less cash economy.
- While many other banks and financial institutions are working on the same theme, the strength of IPPB lies in its ability to ease access and handhold the adoption of new age banking and payments instruments among citizen of all walks of life through the delivery postmen and Grameen Dak sevaks, saving agents and other franchisees who will take banking to door steps.
- IPPB thus aspires to be the most accessible, affordable and trusted bank for the common man with the motto – “No customer is too small, no transaction too insignificant, and no deposit too little”.
- Text : Based on the material available on internet.