Indian Post Payment Bnak IPPB opens in Odisha, a move towards achieving a holistic banking service to all.

The Indian Post Payment Bank (IPPB) opened in Odisha on Sept 1, as a part of its national roll-out on that day. Soon after the Prime Minister of India Narendra Modi launched this doorstep banking facility in New Delhi Union Minister Dharmendra Pradhan launched the project in Odisha and inaugurated its Branch office in the CPMG office Bhubaneswar.

Initially 33 branches and 165 access points in Odisha are empowered with the banking facility, the remaining 8050 access points will be operational with service by December 31, the deadline set to complete the nationwide network of the IPPB with 650 branches and 1.55 lakh access points.

In Odisha the postal work force comprising 1367 postman and 7009 delivery agents will provide the doorstep banking service.

There are 42000 villages without having a banking branch in Odisha where the role of the post men and Dak Sevaks  will play a crucial role extending the banking service in Odisha.

The IPPB project is said to be a powerful instrument in expanding the banking cover to all as a part of financial inclusion campaign of the Modi- Government. There are 1.55 lakh post offices all over India of which 1.3lakh function in rural areas.  The about 3lakh postmen and Dak Sevaks in the Postal sector are the main assets of the IPPB system. They will carry the banking service to the door step in urban, rural and remote areas across the country.

IPPB, a totally Government of India owned project of the Department of Posts will provide a range of products such as savings and current accounts, remmitances and money transfer, direct benifit transfer, bill and utility payments, enterprise and merchanrt payments.

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As per payment bank guidelines, IPPB will partner with financial organisations tom provide loans and insurance products, states press release from the office of the CPMG odisha Circle.

With the addition of the Banking power the postal system that as a means of communication is struggling now to keep up its relevancy against the increasing internet accessibility has got a new lease of life, said Dharmendra Pradhan while addressing a gathering in the IPPB launching ceremonmy.

“Changing communications landscape with the advent of emails & digital media, is a challenge for postal services.India Post Payments Bank will reinvent the postal services by leveraging the unparalled network of India Post and unleash the power of digital revolution.” said Mr Pradhan adding that IPPB was a giant leap towards empowering the rural and would create Job opportunities in the rural areas.

He said, the post men that used to command so much of love and affection of people and were the epitome of trust will back among the people in a new incarantion and

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