India Post Payments Bank a hit in Tiruchy as 6,150 accounts opened in 9 days

A special drive was organised from August 20 to bring on board new customers in IPPB. “As on August 29, as many as 6,150 accounts have been opened in the central region and this would start functioning from September 1,” Post Master General (Central Region), Ambesh Upmanyu, said. Of the 6,150 accounts opened, 1,525 were by students, 1,845 by vegetable vendors and 2,150 by small vendors.

Speaking to reporters, Upmanyu said that in a phase 1, a total of 60 post offices would be linked to the 12 branches of IPPB in Central region after the nationwide launch by the Prime Minister on September 1. The main objective of IPPB is to build the most accessible, affordable and trusted banking for the common man through the already-established post office networks, he said.

“IPPB spearheads the financial including agenda by removing barriers for the unbanked population through doorstep banking and this unique selling point of IPPB would be operational through well-known and trusted postmen,” Upmanyu said.

According to the plan, the account holder of the payments bank can deposit up to Rs 1 lakh and at the same time, they are not required to maintain any minimum balance in their savings accounts.

Meanwhile, the account holders of Post Office Savings Account (POSA) can also link their savings account with IPPB. The IPPB account can be opened within minutes using one’s Aadhaar number. It would facilitate customers to perform digital transactions with the help of QR cards and biometric authentication. “The QR card can be used for various bill payments such as mobile/DTH recharges and electricity bills. Similarly, steps are being taken by the bank to bring on board various merchants like petrol bunks, milk shops and grocery shops,” he said.