Chief Executive Officer A P Singh said that 1,000 ATMs of India Post will be transferred to IPPB in order to offer the underbanked and unbanked citizens banking services such as loan deposits, indiatimes.com reports. Telecom Minister Manoj Sinha said that IPPB plans to have 650 branches across the country by September 2017.
Terming IPPB as a mechanism for financial inclusion, Sinha said the payments bank -- the third one to get a permit after AirtelBSE 0.07 % and Paytm and the first one promoted by the government -- will not just conduct business but also serve people.
The new model of banking allows mobile firms, super market chains and others to cater to banking requirements of individuals and small businesses. It will be set up as a differentiated bank and will confine its activities to acceptance of demand deposits, remittance services, Internet banking and other specified services.
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