India’s largest postal service having reach in even smallest town of India with network of around 1,55,000 post offices , India Post has received payments bank license from the Reserve Bank of India to start roll out of banking operations commercially under the permit.
With this license it has become the 3rd entity to receive such license after Bharti Airtel and Paytm.
“India Post has received payments bank license. The service will be launched as per schedule,” a Department of Posts official said.
India post is adopting the technology very fast and removing the technology barrier to provide at par services with the private entities. This has become possible with the governments initiative to connect rural post offices over India. Earlier it started the ‘My Stamps‘ initiative to turn your selfie into post ticket.
The government has also appointed AP Singh has interim MD and CEO of the India Post Payment Bank. A 1986 Indian Postal Service Officer he was earlier Joint Secretary in the department of disinvestment, ministry of Finance and Deputy Director General incharge of financial inclusion and payments systems at Unique Identification Authority of India (UIDAI). Singh was one part of the founding team that launched Aadhaar and was stationed at the department of Post prior to UIDAI.
About India Post Payment Bank Service
Payments banks can accept deposits up to Rs 1 lakh per account from individuals and small businesses. IPPB offers 3 distinct accounts, tailored to suit the requirements of people everywhere.
- Regular Account – Safal
- Basic Savings Bank Deposit Account (BSBDA) – Sugam
- BSBDA Small – Saral
India post will provide following services in all above accounts
- Domestic Remittance Services
- Direct benefit Transfer
- Doorstep Banking with following services
- Cash deposit
- Cash withdrawal
- Balance enquiry
- Aadhaar to Aadhaar funds transfer
Charges for India Post Payment Bank Services
All the accounts will be having
- Free Debit Card
- No Maintenance
- Nil minimum account balance
for detailed charges you can refer the schedule of charges provided by India post here"Indiapost Becomes 3rd Entity To Start Payment Bank; Receive Licence For Payment Bank Operations",