Post Office gets Banking Rejig

Post Office gets Banking Rejig

September 1  (a Saturday, and therefore a holidsy!) saw a new banking facility  introduced. Actually effective from September 4, services of 38 branches of India Post Payment Bank (IPPB) and 152 access points will be made available.The branches and access points will function from post offices located at different places in the state.

It is being introduced to provide banking facilities to people in general and the rural population in particular to guide people for better financial inclusion. On the national launch day, 650 branches and 3,250 access points will become functional in the country.

Chief postmaster general of Bihar M.E. Haque  said apart from branches and access points which would function from post offices, the new banking facility will also be delivered at the doorstep of people through postmen.

“In Bihar, 700 postmen would start delivering this service on the day of the launch and by December-end, this year all 16,000 postmen will be delivering this banking service,” said Haque.

The Bihar circle of India Post has been given a target of opening 1 lakh accounts in the IPPB by September 1 and till August 30, a little over 30,000 accounts had already been opened. In addition to opening new accounts, the new banking system would also give a chance to the existing account holders in post offices to shift to the new facility as  per local news.

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“We would approach all such account holders to shift to the new banking facility but the only condition is that their existing accounts should be linked with their respective Aadhaar number,” said the chief postmaster general.

Apart from providing banking services, the IPPB would also allow its account holders to avail insurance related services for which tie-ups have been made. IPPB has entered into an agreement with Bajaj Allianz Life Insurance for the distribution of life insurance product and with PNB Metlife Insurance for the distribution of Pradhan Mantri Jeevan Jyoti Bima Yojana, a scheme in which people get Rs 2 lakh life insurance cover.

The new banking facility had a national launch  by Prime Minister Narendra Modi.



Newsnet Intern

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