Postal department installs 976 ATMs -Governance Now

Postal department installs 976 ATMs

1.55 lakh post offices to become access points for the India Post Payments Bank (IPPB)

GN Bureau | March 29, 2017

#department of posts #ATM #post payment bank #Manoj Sinha

The Department of Posts has installed 976 ATMs which are mostly located in the rural areas of India, union minister Manoj Sinha informed the Lok Sabha.

The minister said that the Department of Posts has set up India Post Payments Bank (IPPB) as a Public Limited Company on August 17, 2016 under the Companies Act 2013, to further the financial inclusion objectives of the government.

The IPPB has launched operations in Raipur (Chattisgarh) and Ranchi (Jharkhand) with 8 access points on January 30, 2017. It is proposed to set up access points co-located with district level post offices in up to 650 districts with linkages to all the post offices throughout the country by September, 2017, subject to feasibility and fulfillment of regulatory requirements.

Thus after complete roll-out, approximately, 1.55 lakh post offices will become access points for the IPPB.

Read: India Post launches payments bank

Sinha said that IPPB has not installed any ATM, as of now. IPPB has issued 1,619 Debit Cards of which 832 debit Cards have been issued in Jharkhand and 787 debit Cards have been issued in Chattisgarh.

The minister said that many companies have approached the Department of Posts for IPPB which include domestic and international financial entities in the field of banking, insurance, international money transfer, mutual funds etc. Some preliminary discussions had taken place with International Finance Corporation (World Bank); no formal proposal to this effect has been received.

While the department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man, he said.

Comments

Other News

Report of India’s G20 Task Force on Digital Public Infrastructure released

The final ‘Report of India’s G20 Task Force on Digital Public Infrastructure’ by ‘India’s G20 Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion and Development’ was released in New Delhi on Monday. The Task Force was led by the

How the Great War of Mahabharata was actually a world war

Mahabharata: A World War By Gaurang Damani Sanganak Prakashan, 317 pages, Rs 300 Gaurang Damani, a Mumbai-based el

Budget expectations, from job creation to tax reforms…

With the return of the NDA to power in the recently concluded Lok Sabha elections, all eyes are now on finance minister Nirmala Sitharaman’s full budget for the FY 2024-25. The interim budget presented in February was a typical vote-on-accounts, allowing the outgoing government to manage expenses in

How to transform rural landscapes, design 5G intelligent villages

Futuristic technologies such as 5G are already here. While urban users are reaping their benefits, these technologies also have a potential to transform rural areas. How to unleash that potential is the question. That was the focus of a workshop – “Transforming Rural Landscape:

PM Modi visits Rosatom Pavilion at VDNKh in Moscow

Prime minister Narendra Modi, accompanied by president Vladimir Putin, visited the All Russian Exhibition Centre, VDNKh, in Moscow Tuesday. The two leaders toured the Rosatom Pavilion at VDNKh. The Rosatom pavilion, inaugurated in November 2023, is one of the largest exhibitions on the histo

Let us pledge to do what we can for environment: President

President Droupadi Murmu on Monday morning spent some time at the sea beach of the holy city of Puri, a day after participating in the annual Rath Yatra. Later she penned her thoughts about the experience of being in close commune with nature. In a message posted on X, she said: