Pradhan launches IPPB to take banking to vast network of post offices

Petroleum Minister Dharmendra Pradhan Saturday launched India Post Payments Bank (IPPB) branch here as part of the country-wide move to take banking to all through a vast network of post offices.

Union Tribal Affairs Minister Jual Oram graced a function to kick-start IPPB branch in Sundargarh. The launch in Odisha followed the national rollout of IPBB by Prime Minister Narendra Modi at a function in New Delhi.

Speaking at the function at the circle branch here, Pradhan said the IPPB would revolutionize the banking system and boost financial inclusion of the poor, Dalits, women and backward sections of the society.

Altogether 33 branches and 165 Access Points were launched across Odisha Postal Circle. A total of 8,050 access points would be rolled out in Odisha by December 31, 2018.

The IPPB would offer a range of products such as savings and current accounts, remittances and money transfer, direct benefit transfers, bill and utility payments, enterprise and merchant payments.

As per payments bank guidelines, the IPPB would partner with financial organizations to provide loans, investment, and insurance products. In Puri, the IPPB branch was launched NALCO CMD, T K Chand alongside MPs Pinaki Mishra and Raghunath Mohapatra, Chand said to launch the IPBB is a powerful measure that will greatly benefit the masses, especially people from the rural pockets.

This will provide an accessible, affordable and trusted Bank for the common man, to speedily achieve the objective of financial inclusion of the government. The huge network of the Postal department can be leveraged effectively to achieve this objective, he said.

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