(THE GIST OF PIB) India Post Payments Bank

(THE GIST OF PIB) Training of Trainers (ToT) programme

Recently, India Post Payments Bank (IPPB) has been conferred the prestigious Digital Payments Award 2024-25 by the Department of Financial Services (DFS), Ministry of Finance.

It is a 100% Government of India-owned entity under the Department of Posts, Ministry of Communications.
IPPB was launched 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 India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices.

The operations of IPPB will be on a smaller scale as compared to other banks and will not advance loans or issue credit cards to avoid risk.
It will accept deposits, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.
It will accept deposits up to Rs 2 lakh, beyond which the account will be automatically converted into a post office savings account.
The products and services of the bank will be made available through various mediums such as counter services, micro ATMs, mobile banking apps, messages, and interactive voice responses.
The IPPB will use Aadhaar to open accounts, and a QR card and biometrics will be used for authentication, transactions, and payments.