{"id":423,"date":"2018-09-10T16:57:05","date_gmt":"2018-09-10T11:27:05","guid":{"rendered":"https:\/\/www.atomtech.in\/blog\/?p=423"},"modified":"2023-03-21T14:34:07","modified_gmt":"2023-03-21T09:04:07","slug":"what-is-india-post-payments-bank-heres-10-things-to-know","status":"publish","type":"post","link":"https:\/\/in.nttdatapay.com\/blog\/what-is-india-post-payments-bank-heres-10-things-to-know\/","title":{"rendered":"What is India Post Payments Bank and how does it work? Here\u2019s 10 things to know"},"content":{"rendered":"

The launch of India Post Payments Bank (IPPB) by Prime Minister Narendra Modi on 1st<\/sup> September 2018 has put the spotlight back on payments banks. The government has envisioned that the new bank model will take banking to the doorstep of every citizen through the unmatched network of post offices.<\/p>\n

What are payments banks?<\/strong><\/h2>\n

They are banks offering most regular banking facilities such as cash withdrawal\/deposit, net banking, third-party fund transfers and mobile payments\/transfers\/purchases. But they operate on a smaller scale compared to the normal banks and do not involve any credit risk.<\/p>\n

Post Payments Bank Services\u00a0are available at 650 branches with 3,250 access points. The services will be quickly scaled to all 1.55 lakh post offices by December 2018.<\/em><\/h4>\n

IPPB is the sixth payments bank to commence operations in the country. The others in the space are two-year-old Airtel Payments Bank, Paytm Payments Bank and Fino Payments Bank and\u00a0recent-entrants are Aditya Birla Idea Payments Bank and Jio Payments Bank.<\/p>\n

It has been noted that postmen in rural and urban areas will provide doorstep banking services which will ultimately create the country\u2019s largest banking network.<\/p>\n

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