PM is launching IPPB to take the financial services in the rural areas

Our PM Narendra Modi is all set to launch the most awaited India Post Payments Bank (IPPB). It is expected that IPPB must have at least one branch in every district and must also focus on the financial services in the rural areas.

“The Prime Minister has given time on August 21 to launch IPPB. Two branches of the bank are already operational. Rest of the 648 branches will be launched across country in every district,” a senior official of the communications ministry said. IPPB will influence the reach of 1.55 lakh post office branches in order to provide the banking and the financial services to people in the rural areas.

“Government is trying to link all the 1.55 lakh post office branches with IPPB services by the end of this year,” the official said. This will create the country’s largest banking network with direct presence at village level (The Pioneer). Suresh Sethi the IPPB CEO that IPPB will go live with the 650 branches along with the 3,250 access points co-located at the post offices and around 11,000 postmen both in the rural and the urban area will also provide the doorstep banking services.

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The main intention of launching the IPPB was to create the largest banking network with the direct presence at village level. In the past 5 decades, if India has launched the maximum social welfare schemes, then it is surely under the Modi government.

Now, the schemes like MNREGA will have benefits reaching the farmers and rural people directly without involving any middleman. This will not only eliminate large scale corruption in government and bureaucracy but will also help rural people involve themselves in digital banking giving them access to technology. Direct money transfer will help providing financial services to the most remote villages which have almost scant or nil access.

The government thus aims to use this scheme to distribute MNREGA  and pension schemes. The application will be launching on 21^st day of August, and will have services of around 100 firms those include phone recharges and bill, electricity bill, DTH service, college fees etc.

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