Indiapost Becomes 3rd Entity To Start Payment Bank; Receive Licence For Payment Bank Operations

Indian Business Blog featuring on Business, Technology and Education
Written by Harshad Patankar

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 theMy 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", 5 out of 5 based on 1 ratings.
RELATED:  Weekly Digest Week 22 Feb to 28 Feb Google Docs, Maps, Universal Hunt, SuperVOOC, Rail Budget

About the author

Harshad Patankar

My name is Harshad Patankar and I am the chief blogger at BumbleBeeHub Blog and where I like to share my internet/tech experience along with some fascinating updates around the Business, Technology, Education and Government sectos with my online readers on this website. You can read more about me at my About Page. You can follow me on Twitter, Facebook & Google