New Delhi sources stated that Prime Minister Narendra Modi launched the payments bank of Indian postal department that will take banking to doorstep of every citizen through an unmatched network of post offices and almost 3 lakh postmen and 'Grameen Dak Sewaks'. Accordingly Indian Post Payment Bank (IPPB) will be like any other banks but its operations will be on a smaller scale without involving any credit risk and moreover it will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
Meanwhile 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. Moreover Communications Minister Manoj Sinha said IPPB will be available through 650 branches and 3,250 access points. He said “Deposits in any account that exceed Rs. 1 lakh will be automatically converted into post office savings account”.
government owns 100% in IPPB, which has been set up under the aegis of the
Department of Posts, and will offer products and services through multiple
channels such as counter services, micro ATMs, mobile banking app, messages and
interactive voice response.
PM Narendra Modi catapulted many projects in Odisha & Chhattisgarh According to sources Prime Minister Narendra Modi’s office has said he had visited Odisha and poll bound Chhattisgarh yesterday and launched several projects in the states. Meanwhile he had unveiled a plaque to mark the commencement of work for the revival of Talcher fertilizer plant in Odisha and this is the first plant in India to have a coal classification based fertilizer unit.
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