IndiaPost becomes 3rd entity to receive licence to start payment bank operations

NEW DELHI: IndiaPost has become the third entity to receive a final license last week from the Central Bank to start its payment bank operations. Country’s largest telcom service provider Bharti Airtel and digital payments firm Paytm are the other two to have received the license while only Airtel has started operations so far. 

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. 

Chennai GPO may be first T.N. post bank: The Hindu

Chennai General Post Office (GPO) is likely to be first post bank in the State to be launched early next year. The Department of Posts is planning to set up ‘India Post Payment Banks’ (IPPB) using the postal network to provide banking services to people. Aimed at providing access to banking services to people particularly in rural areas, the IPPB will provide a range of services, including direct benefit transfers and facilitate various payments like old age pension and government subsidies. The vast network of post offices would be used to eventually even deliver the payment at the doorstep of customers. Officials of the postal department said such post banks would function as separate entity and function according to the guidelines of Reserve Bank of India. Mervin Alexander, postmaster General (Chennai city region), said, “Payment banks will deal with money remittances of all kinds to people. This could be useful to people particularly in rural areas who have limited access to banks. But, it will not provide loans. However, savings schemes and deposits will remain under post offices at this point of time.” Earlier, core banking network solutions and postal ATMs were started as part of an initiative to provide banking services at post offices. Net banking and mobile banking will be the next step towards reinventing the postal services according to the changing trend. The department has also announced a competition for logo design and tagline for the proposed IPPB. The tagline should not exceed eight words either in English or Hindi and the best entries will be awarded with a cash prize of Rs.25,000. The last date of submission is July 31.

IndiaPost plans 50 payments bank branches by May

India Post expects to start the first 50 branches of its payments bank by May 2017, seeking to widen financial inclusion in the country. 

As per the current plan, India Post Payments Bank (IPPB) - as it has been termed - will eventually have 650 branches across the country. 

While the first set of branches will open by May, the remaining will start operations by September 2017, a top official of the Department of Posts said. 

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PIB likely to approve India Post's payments bank proposal

By PTI, 19 Jan, 2016

NEW DELHI: The Public Investment Board (PIB) today discussed the Rs 800-crore proposal from the India Post for setting up a payments bank and the final approval on the same is expected in the next meeting.

"The proposal was discussed in the meeting today but no decision has been taken yet. Another meeting is likely in a week," a official in the postal department told PTI.

INDIA POST BANK TO OPEN DOORS IN MARCH 2017 WITH INFOSYS FINACLE

India Post Bank has been given the go-ahead to start processing payments in 2017 following a number of lengthily delays.

The post office’s financial services are seen as a viable provider for India’s rural population, of which a majority do not have access to banking.

230 million Indians, however, do hold savings accounts with the Post Office, which has 139,144 locations across rural areas of the country.