India Post Payments Bank: To power PM Narendra Modi’s financial inclusion mission, Centre plans 650 branches, launches e-IPO

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Published: October 9, 2017 5:28:27 PM

The government plans to set up 650 India Post Payments Banks and is gearing up fast to provide financial services through all the 1.55 lakh post offices to fulfil the Prime Minister’s vision of financial inclusion.

India Post Payments Bank, post office, e-IPOIndian Postal Department is undergoing a major transformation with changing times, be it the inter-operability of ATMs, core banking or providing of Passport Seva and Aadhaar enrolment.

The government plans to set up 650 India Post Payments Banks and is gearing up fast to provide financial services through all the 1.55 lakh post offices to fulfil the Prime Minister’s vision of financial inclusion. This was disclosed by Minister for Communications Manoj Sinha in New Delhi today. Speaking on the occasion of World Post Day, he said that Indian Postal Department is undergoing a major transformation with changing times, be it the inter-operability of ATMs, core banking or providing of Passport Seva and Aadhaar enrolment. He said that so far 57 Post Offices are providing Passport Seva and in the coming days, 93 more will be added to the list.

Sinha launched International Tracked Packet service designed specially to meet the cross border requirements of e-Commerce sector in the Asia-Pacific Region. He said that at the beginning, the service will be available to 12 countries and gradually the whole world will be covered. This new service has many special features like affordable price, track & trace, volume discounts, pick up facility, compensation for loss or damage and, therefore, high value for money. He said, with the launch of this service, the Department of Posts is set to start a new chapter of close collaboration between the post office and the businesses in India that want to reach their customers abroad.

The Minister also launched e-IPO (Indian Postal Order) in the denominations of Rs 10, Rs 20, Rs 50 & Rs 100, as a pilot project in Bihar, Delhi and Karnataka, and said that in the next two months, the service will cover the entire country. e-IPO will be used for all purposes like fee payment for RTI/ educational institutions/ Court/ online registration for cable operators etc. Customers can purchase e-IPO online from one’s home or workplace, as per one’s convenience. This launch is a part of Digital India Initiative as the payment will be made through Debit Card/ Credit Card / Net Banking. eIPO can be purchased online at:https://www.epostoffice.gov.in or can be accessed through a link at official website of India Post, i.e. https://www.indiapost.gov.in.

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