Digital payment facility for PLI & RPLI through IPPB Mobile Banking App & Micro-ATM launched by Secretary, Department of Posts

A two-day meet of senior functionaries of Department of Posts (DoP) and India Post Payments Bank(IPPB) concluded on a high note of creating force multipliers to create deeper impact to provide banking facility and providing new innovative products for every household in the country leveraging the distribution strength of Department of Posts combined with technology prowess & banking platform from India Post Payments Bank.

On day one of the meet, various new projects which are already rolled out and few others initiatives were introduced. Fincluvation which is a platform of start-ups to partner with IPPB-DOP to start providing Fintech solutions at the last mile was one of the highlights, whereas few new initiatives like Digitization of Branch Post Offices (BO) enabling Digital QR based payments through various UPI services is one step closer to transform Post Offices into Digital Banking Outlets.

Working on the vision of ‘One Nation One service Platform’ Shri J. Venkatramu , MD & CEO, IPPB shared his idea of serving the current 50 million and the next billion customers on basis of their life cycle need with the Products and services offerings from both DoP & IPPB.

On day 2, the much awaited digital premium payment facility for Postal Life Insurance & Rural Postal Life Insurance through IPPB Mobile Banking App, at doorstep with the help of Gramin Dak Sevaks/ Postman and at Post Office Counters was launched by Shri Vineet Pandey, Secretary , Department of Posts. IPPB will be offering new products like loan referrals & Cash Management Services soon. It will also work towards unlocking of potential IPPB-POSA linkage for seamless customer service.

AAROHAN 4.0 was concluded with a resolve to step into the market with a larger vision to become Universal Banking Platform with mandate of Financial Inclusion to serve every household in the country.

About India Post Payments Bank:

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched by the Hon’ble Prime Minister Shri Narendra Modi on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of IPPB is to remove barriers for the unbanked and under-banked and reach the last mile leveraging a network comprising 160,000 post offices (145,000 in rural areas) and 400,000 postal employees. IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages. IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. IPPB’s motto stands true – Every customer is important; every transaction is significant, and every deposit is valuable.

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