Modi may push for India post payments bank in address

\PM Modi may highlight the India Post Payments Bank (IPPB) in his Independence Day address on Wednesday. The IPPB, which will be launched at a grand function in Delhi’s Talkatora stadium on August 21, is aimed at making banking easy for ordinary citizens.

What makes IPPB politically significant is its direct connectivity with rural people, particularly social sector beneficiaries and migrant labourers. The bank will commence operations in its 650 branches and 3,250 access points across the country. “Out of 3,250 access points, 1,750 places are located in villages, including about 150 villages of UP,” said a Department of Posts official.

Officials said the postal department will hold functions in all the states simultaneously on August 21. “CMs, Union ministers, MPs and MLAs are expected to be present at different centres on the day of the launch of IPPB. They will be connected with the venue of Delhi’s function through a teleconference. The idea is to involve people’s representatives — from panchayat and municipality levels to the Lok Sabha — in this function,” said the official.


At the August 21 launch function, PM Modi will visit the exhibition area first. “Our postmen, who have been given proper training in doorstep banking, will demonstrate how to open paperless account in anyone’s name,” said the official. The PM will also launch the IPPB mobile application at the function, besides releasing a stamp ticket on financial inclusion, officials said.