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17 Crore Customers Of India Post Payments Bank To Access UPI, RTGS, NEFT

Post office payment bank's 170 million customers will be able to make interoperable digital payments including NEFT, RTGS, UPI and bill payments.

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17 Crore Customers Of India Post Payments Bank To Access UPI, RTGS, NEFT

Payment Banks can accept a restricted deposit, upto Rs 1 lakh per customer


Highlights

  1. India Post Payments Bank will rollout 650 branches in April
  2. India Post Payments Bank started in 2015
  3. The payments bank will recruit 1,150 people for the operations

Come April, the 170 million account holders of post office payment bank will be able to make interoperable digital payments. The interoperability payments include NEFT, RTGS, UPI and bill payments. With this, the account holders of India Post will barely have any reason to shift to the so-called mainstream banking or even to cash wallet for any of the given services such as amount transfer, digital transfer or even payment of bills. India Post (that operates post offices nationwide) received the licence to run a payments bank, among 10 other entities, on August 19, 2015.

Payment Banks are banks that can accept a restricted deposit, limited to Rs 1 lakh per customer. These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks. Payments banks can issue services such as ATM cards, debit cards, net-banking and mobile-banking.


India Post Payments Bank. Five Things To Know

 

1. India Post Payments Bank offers demand deposits such as savings and current accounts up to a balance of Rs 1 lakh, digitally enabled payments and remittance services of all kinds between entities and individuals.

2. India Post Payments Bank also provides access to third-party financial services that include insurance, mutual funds, pension, credit products, forex, in association with insurance companies, mutual fund houses, pension providers, banks, international money transfer organisations, direct benefit transfer, among others.

3. It was on 28 February 2015 during the presentation of the Union Budget that the finance government announced that India post will use its large network to run a payments bank.

4. Early this month, India Post Payment Bank (IPPB) released an advertisement to recruit 1150 officers in run up to the launch of its branches in April.

5. The IPPB is making an investment of Rs 1,450 crore for the rollout of 650 branches.



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