The Indian Post Payments Bank (IPBB) launch is scheduled for tomorrow, and Prime Minister Narendra Modi will inaugurate the service. With the IPBB, the government seeks to leverage the expansive network of the postal department to ensure financial inclusion for the masses. The event is scheduled to be held at Talkatora Stadium in New Delhi, along with simultaneous launch events at 650 branches and 3,250 access points that will go live tomorrow, an official statement said, according to Press Trust of India. “IPPB has been envisioned as an accessible, affordable and trusted bank for the common man, to help speedily achieve the financial inclusion objectives of the Union Government,” it added. The payments bank, where the Indian government holds 100% equity, will leverage the vast network of the Department of Posts (DoP) that has more than three lakh postmen and Grameen Dak Sewaks. All the 1.55 lakh post offices in the country will be linked to the IPPB system by December 31, 2018. IPPB will, hence, significantly augment the reach of the banking sector in India, the statement said. IPPB will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. These products and related services will be offered across multiple channels (counter services, micro-ATM, mobile banking app, SMS and IVR), using the bank’s state-of-the-art technology platform. Earlier this week, the cabinet had approved 80% increase in spending for IPPB to Rs 1,435 crore, a move that will arm it with additional ammunition to compete aggressively with existing players like Airtel Payments Bank and Paytm Payments Bank. The revised cost estimate was on account of costs related to technology (Rs 400 crore) and human resource expenses (Rs 235 crore), a statement had said.<doc-sep>IPPB will be available through 650 branches and 3,250 access points immediately and will be scaled to all 1.55 lakh post offices by December 2018. Prime Minister Narendra Modi on Saturday launched India Post Payments Bank (IPPB) that aims to take banking to the doorstep of every Indian citizen through the vast network of post offices in the country. The payments bank of Indian postal department arm three lakh postmen and 'Grameen Dak Sewaks' with digital aids to deliver financial services. Launching the service, Modi said with e-mails taking over inland letters, many thought technology had threatened the existence of the postal department and that postmen would lose their livelihood. "(The growing pace of) technology (in communication) threw a challenge. We used technology as a base to turn that challenge into an opportunity," he added. Noting that the postman has a special place in Indian movies and literature, he said the 'daakiya' (postman) not only delivered letters, but also read them out to the families who were not literate, and even replying to the letters on their behalf. IPPB -- which will be available through 650 branches and 3,250 access points immediately, scaled to all 1.55 lakh post offices by December 2018 -- is like any other bank but with smaller scale of operations and without involving any credit risk. The IPPB 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. However, it can't offer loans directly, or issue credit cards.<doc-sep>E.S.L. Narasimhan takes part in launching ceremony of India Post Payments Bank TS and A.P. Governor E.S.L. Narasimhan on Saturday dubbed the the India Post Payments Bank (IPPB) as ‘population-inclusion’. Mr. Narasimhan was speaking at the India Post Payments Bank launching ceremony at Institution of Engineers here. “It (IPPB) is not just financial-inclusion, but population-inclusion. The whole country’s population is getting included, which is why it’s not just financial-inclusion. I have no idea why we are not understanding the fact that this is going to bring the people of India together. It is people-inclusion,” Mr. Narasimhan said and added that the service would greatly help senior citizens. Singing praise of postmen, the Governor said they work tirelessly and do not stop till the letters are delivered. “A postman is the most welcome person in the world. I would like to congratulate the postmen for the amount of effort they put in to deliver letters. ,” Mr. Narasimhan said. The IPPB would have 23 branches and 115 access points in the TS circle.<doc-sep>New Delhi: After a delay of several months, India Post Payments Bank (IPPB) will be launched on Saturday by Prime Minister Narendra Modi in New Delhi. There will also be simultaneous launch events across 650 branches and 3,250 access points that will go live from Saturday. With an aim to bridge the last-mile gap in banking services, IPPB will deploy around 300,000 postmen and gramin dak sewaks carrying mobile phones and biometric devices to offer doorstep banking to customers, mainly in rural areas. By December, all 155,000 post offices in the country are likely to be linked to the IPPB system. This will also step up the number of rural bank branches in India significantly. “For the launch, more than 800,000 man hours have gone into training 15,000 people, out of which 11,000 will be providing banking services at the doorstep. By the end of the year, all 300,000 people will be up and running," IPPB Managing Director and Chief Executive Officer Suresh Sethi said in an interview. IPPB has been incorporated as a public sector company under the Department of Posts with 100% government equity and is governed by the Reserve Bank of India. IPPB will offer a range of products such as savings and current accounts, money transfer, direct benefit transfer, bill and utility payments and enterprise and merchant payments. Customers will be able to access these products and related services across various channels — counter services, micro-ATM, mobile banking app, text messages and phone calls. The bank will offer quick response (QR) cards to customers as an additional service, along with mobile banking, phone banking and SMS banking. The QR card will have the customer’s account number embedded and the customer does not have to remember his/her account number to access the account, according to Sethi. IPPB has also partnered with different financial organisations to provide loans, investments and insurance products. On Wednesday, the government decided to raise the outlay for bank by about 80% to ₹ 1,435 crore from the current ₹ 800 crore. The increase is meant to cover costs relating to technology and manpower, according to a government statement. The bank was earlier scheduled to be launched on 21 August ,which had to be rescheduled in the wake of seven-day national mourning to pay homage to former Prime Minister Atal Bihari Vajpayee. A payments bank is a differentiated bank providing a limited range of products, such as acceptance of demand deposits and remittance of funds. It can accept deposits up to ₹ 1 lakh per customer. However, these banks cannot issue loans and credit cards. Other payments banks that have started operations are Airtel Payments Bank Ltd, Paytm Payments Bank Ltd and Fino Payments Bank Ltd. 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It will accept deposits of up to ₹1 lakh, offer remittance services, mobile payments and other banking services and third-party fund transfers. Prime Minister Narendra Modi on Saturday, September 1, 2018, launched a payments bank of the Department of Posts that will take banking to the doorstep of every citizen through an unmatched network of post offices and almost 3 lakh postmen and ‘Grameen Dak Sewaks’. The India Post Payments Bank (IPPB) will be like any other banks 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 won’t advance loans or issue credit cards. The 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. Communications Minister Manoj Sinha said the IPPB would be available through 650 branches and 3,250 access points. Deposits in any account that exceed ₹ 1 lakh would be automatically converted into post office savings account. The government owns 100 per cent in the IPPB, which will offer products and services though multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response. Tech platforms to handle transactions The IPPB will leverage tech platforms. It will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments. Grameen Dak Sewaks will be armed with smartphones and biometric devices to handle transactions. It will offer 4 per cent interest rate on savings accounts. The IPPB has teamed up with financial services providers like the PNB and Bajaj Allianz Life Insurance for third-party products like loans and insurance. The Cabinet, earlier this week, approved an 80 per cent hike in spending on the IPPB to ₹1,435 crore - arming it with additional ammo to compete in the market with existing operators like Airtel Payments Bank and Paytm Payments Bank. IPPB services will be available at 650 branches and 3,250 access points from September 1, but will be quickly scaled to all 1.55 lakh post offices by December. Of these, 1.30 lakh access points will be located in rural areas, taking it to a vast untapped market. The IPPB also has permission to link around 17-crore postal savings bank (PSB) accounts with its own set-up.