India’s Post Payments Bank (IPPB), launched with the government aim of becoming the “most accessible bank in the world” is on target to open almost 650 branches across India.
The IPPB aims to leverage technology to target the unbanked and underbanked across more than 150,000 villages. As part of its expansion plans, all 155,000 post offices and 300,000 postal workers will be equipped with mobile terminals which will provide the full range of payment solutions offered by IPPB.
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The Indian government has also launched e-IPO (Indian Postal Order) in denominations of INR10, 20, 50 and 100 as a pilot project in two regions with plans to expand to all of India by the end of the year.
Door-step banking
Empowering 300,000 postmen to operate as banking correspondents is part of the Modi government’s drive towards less reliance on cash.
The mobile device carried by the postal workers will enable customers to deposit money into their accounts, pay utility bills, book tickets for train and buses, pay for services at public hospitals, fees at government schools and buy financial products such as insurance.
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By GlobalDataIPPB has about 300 million customers of whom 180 million are active users. Plans are now being made to promote IPPB via a nationwide advertising campaign.
