Government firming up plans for India Post Payments Bank roll-out

India’s Telecommunications and IT Minister Ravi Shankar Prasad has said that the government is firming up plans to have 650 India Post Payments Bank (IPPB) branches up and running by September 2017. According to local sources, the Cabinet cleared a proposal to set up IPPB on 2 June.

The plan is to have national coverage for IPPB by the end of 2019.

In a letter sent to India Post employees, the Telecoms Minister said: “IPPB is being set up primarily to achieve the goal of full financial inclusion of the people in our country. It shall be a technologically-enabled banking platform that gives a wide range of services such as direct benefit transfers and all kinds of payments and remittances.”