Prime Minister of India, Narendra Modi has launched the Payments Bank of Indian Postal department.
The IPPB will operate like every other bank but will be focused on a smaller scale without involving any credit risk. 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.
It will offer a 4 percent interest rate on savings accounts. The bank would make use of Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments.
IPPB services will be available at 650 branches and 3,250 access points from today but will be quickly scaled to all 1.55 lakh post offices by December 2018.
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