Prime Minister Narendra Modi launched India Post Payments Bank today in Delhi. The bank will have 650 branches across he country. It will also have 3250 access points. The India Post Payments Bank will link 1.55 lakh post offices in the country to a centralised system. A payments bank operates on a small scale; it carries out most banking operations, but cannot give loans or issue credit cards directly. The central government has increased the funding of the IPPB to Rs 1,435 crore, which will help it to compete against big players like Airtel Payments Bank and Paytm Payments Bank.
Here are the highlights of PM Modi's address:
- On one hand, the country is showing its best ever performance in the Asian Games, on the other, the country's economy got a gold medal. The GDP growth of 8.2 per cent is showing the growing strength of Indian economy.
- 12 big defaulters were given loans before 2014. The NPAs of these defaulters are to the tune of Rs 2 lakh crore. We have initiated action against them, and the results are visible. Similarly, there are 27 massive loan accounts, which have NPAs of Rs 1 lakh crore. Arrangement for the return of the money is being done.
- In the past four years, all loans more than Rs 50 crore were analysed. We are ensuring that all the preconditions for loan approval are being fulfilled. We have changed the laws, have taken decisions as to mergers, we have promoted professional approach in the banking sector.
- When we formed the government in 2014, the truth about the fraud got revealed. Just after we formed the government, we got to know that the Congress has set the country's economy on a landmine. If we had told about this to the country and the world, that landmine would have gone off. We have extricated the country out of the situation very carefully.
- Despite knowing that loan recovery would be difficult, special people were awarded loans at the behest of the family. Not just this, when such people defaulted, pressure was created on banks to release more loans for them. This fraud was done in the name of restructuring.
- The people at banks would give loans to the person or the company after the phone call. A phone call by the Namdar family had replaced rules and regulations. The phone banking by the Congress and its Namdars has hurt the country.
- At that time, phone banking was not popular. But the Namdars did banking on the phone and helped people get loans on phone calls. Whichever industrialist wanted a loan would get the Namdars dial the phone number of the bank.
- From the Independence to the year 2008, the banks of the country distributed Rs 18 lakh crore as loans. However, after 2008, this amount grew exponentially to Rs 52 lakh crore. This means that the previous government distributed double the amount in just 6 years.
- Our government has brought the banks of the country at the doorstep of the poor. Otherwise, five years ago, a situation was created that most of the money was reserved for people close to a particular family.
- The IPPB will be helpful to farmers. Schemes like Pradhan Mantri Fasal Beema scheme will get strength from it. With the help of the payments bank, people will get their claim amount at their homes. Under the Sukanya Samridhi Yojana, we will expedite the campaign to save more money for the daughters of the country.
- The Indian Postal Department has 1.5 lakh post offices and more than 3 lakh postmen. We have taken the onerous task of linking such an extensive system with technology to build the most powerful system. Now the postman is equipped with a smartphone and has a digital device in his bag.
- Our government is bringing "reform" into old processes to "transform". Now letters have been replaced by e-mails. But the goal is the same. The technology that challenged post offices, we have used the same technology to change challenge into opportunity.
- Our government had made available banks to crores of poor people through the Jandhan scheme. And today, we have started the work to provide bank to the villages and to the door step of the poor.
- India Post Payments Bank is bringing a drastic change in our economic and societal system.
- With India Post Payments Bank, the country's poor people, people who live in remote corners of the country, people who live in jungles, and every Indian will find a bank and banking services at their doorstep.