MoS Dr Jitendra Singh launches India Post Payments Bank at Jammu

Ministry of Personnel, Public Grievances & Pensions

MoS Dr Jitendra Singh launches India Post Payments Bank at Jammu

Posted On: 01 SEP 2018 7:20PM by PIB Delhi

The Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singhlaunched India Post Payments Bank (IPPB) in Jammu today. The launch was a part of the nationwide launch of IPPBs across the country that is aimed at reaching the population of the country through utilization of the postal network for banking services. The Member of Parliament, Lok Sabha (Jammu-Poonch), Shri Jugal Kishore Sharma was also present on the occasion.

Reiterating the commitment of the Government towards financial inclusion, Dr. Singh said that launch of IPPBs was an unprecedented step of the Union Government to empower the rural masses by providing banking facilities in the far-flung areas of the country. He further said that this revolutionary step would ensure that the benefits of development reach the people of the entire nation at the grass root level.

Addressing the audience at the function, Dr Singh said that the same technology that had made Post offices obsolete would mark the revival of these post offices through the Post Payments Banks. While highlighting the critical role that the Postman or the ‘Dakiya’ would be playing in the functioning of IPPBs, Dr Singh said that the Postman would become the ‘new bank’. The Postmen would become the new digital teachers for unprivileged and unbanked section of society marking the transformation to a new Digital India. 

Dr. Singh said that the developmental agenda occupied a central place for the Government where the focus was not just on rhetoric but on pragmatic programmes and practical implementation of schemes.  Dr Singh also mentioned that special attention was being given by Shri Narendra Modi led Government at the Centre by ensuring that parallel developmental measures were being taken in the state as that in the rest of the country.

Arrangements were made at the function to see the live telecast of the National Launch of IPPBs by Prime Minister Shri Narendra Modi at an event in New Delhi.

In Jammu and Kashmir, eight branches of India Post Payments Banks, located at Jammu, Kathua, Udhampur, Rajouri, Srinagar, Anantnag Baramulla and Leh started their operations today along with 40 Access Points. The Postal Payments banks would not only provide the banking facilities but also financial services in remote and rural areas of the country. These banks are technology driven and yet having a simple interface. Process like opening a bank account, access to insurance and mutual funds, money transfers, etc., have been simplified and time taken has been reduced substantially. IPPB includes paperless banking and provides secure Aadhaar enabled transactions with zero balance accounts facility.

Banking through IPPBs would give boost to Government’s initiatives like promoting digital transactions and Direct Benefits Transfer (DBT) and will help in better penetration of Government schemes like Sukanya Samridhi Yojna.

The state launch was a part of the simultaneous nationwide launch of IPPB across the country at various locations in which a total of 650 branches and 3,250 access points were launched. By the year end, all the 1.55 lakh post offices across the country will start serving as the India Post Payments Banks. Nearly 3 lakh postmen will work as ‘Mobile Bankers’ and provide facility of ‘banking at your doorstep- aapka bank aapke dwar’.

The inclusion of the unbanked population in the banking network through IPPBs will empower individuals who will be able to open bank accounts in less than a minute and have access to financial services and can avail of Government schemes in an improved and assured way. It would also boost India’s GDP and increase the flow of cash in the economy.

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