India Post Payments Bank (IPPB), a government owned lender under the Department of Posts, is expected to commence operations with 650 branches from August this year.
The planned launch date follows the approval of the bank’s entire system from India’s central banking authority Reserve Bank of India (RBI), reported news agency PTI.
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The IPPB MD and CEO Suresh Sethi was quoted by the news agency as saying: “We are looking at a launch date. From an operational, technology and market perspective, we are ready to go live.”
The launch of IPPB is expected in August, sources in the communications ministry told PTI.
Earlier, IPPB received the payments bank permit from RBI, the third entity to receive the licence after Airtel and Paytm.
As a payments bank, it can accept deposits up to INR100,000 from individuals as well as from small businesses.
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By GlobalDataAdditionally, it can also provide remittance services, internet banking and other specified services in a limited manner.
Sethi added that the IPPB has already started pilot testing in restricted groups and operational across its 250 branches.
Once operational, the bank will offer services across 1,700 counters as well as 11,000 doorstep service. It can also connect 170 million postal savings bank (PSB) accounts with the new banking account.
IPPB is also planning to introduce a dedicated banking app for its customers to avail general banking services as well as online remittances and payments for various utilities.
