? Cool Title, but what’s the news?
Prime Minister Narendra Modi will launch India Post Payments Bank (IPPB) on August 21. The event will take place at the capital’s Talkatora stadium.
? Okay, but what does it mean?
The bank is running pilot services in Raipur and Ranchi. It will tie up with other banks and financial companies to offer loans, mutual funds and insurance policies, said sources.
IPPB would become one of the largest banking networks in India. India Post has 154,000 post offices, of which 139,000 are in rural areas.
? Why should I care?
An account holder can deposit up to Rs 100,000, withdraw cash, and make payments just like a savings bank account in any other commercial bank.
The IPPB will also provide doorstep banking services. These will be chargeable.
Source: Business Standard