After Airtel & Paytm, India Post to Soon Launch its Payments Bank

India Post’s first two branches will open in Ranchi and Raipur on a pilot basis

India Post has received the payments bank license from the Reserve Bank of India, making it the third company to receive such permit after Bharti Airtel and Paytm.
The soon to be launched India Post Payments Bank (IPPB) will offer demand deposits such as savings and current accounts up to a balance of Rs 1 Lakh, along with digitally enabled payments and remittance services. Third party services like insurance, mutual funds, pension and more will be added later.
IPPB’s first two branches will open in Ranchi and Raipur on a pilot basis, and they are likely to begin operations within a week.
Payment banks is a new concept introduced and promoted by the RBI. In 2015, RBI had granted ‘in-principle’ approval to 11 entities, including Department of Posts, to set up payments banks, however, several companies including Tech Mahindra backed out of their original plan. Out of the remaining entities, Airtel is the first private company to have launched its payment banking services.

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