The Big Picture: India Post Payments bank

Prime Minister Narendra Modi on 1 September, 2018 launched the payments bank of Indian postal department that will take banking to the doorstep of every citizen through an unmatched network of post offices and almost 3 lakh postmen and 'Grameen Daak Sewaks'. India Post Payments Bank (IPPB) will be like any other bank but its operations will be on a smaller scale without involving any credit risk. It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards. The freshly-minted payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. The government owns 100 per cent in IPPB, which has been set up under the aegis of the Department of Posts, and will offer products and services though multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response. Anchor- Frank Rausan Pereira Guest- K. A. Badarinath, Policy Editor, Financial Chronicle Ajay Dua, Former Secretary, Ministry of Commerce & Industry Prof. Santosh Kumar Mehrotra, Economics, JNU T. Q. Mohammad, Secretary, Postal Services Board