IPPB India Post Payment Bank - New Competitor to Indian Banks

IPPB India Post Payment Bank - New Competitor to Indian Bankshttps://themoneyvalue.com/ippb-india-post-payment-bank/ippb India post payment bank will go live on Sept 1, 2018. most waited for financial service from the post office. The India Post Payments Bank (IPPB) to be inaugurated on the 1st of September 2018. incorporated as a public sector company under the Dept. of Posts with 100% GOI equity and is governed by the Reserve Bank of India.

I always wonder why they delayed so much. With 650 branches of the bank along with 3250 customer access points are operational across the country from September 1, 2018. Source Wikipedia.

IPPB India Post Payment Bank: Things to know about

What is the need of IPPB India Post Payment Bank?

Indian Post offices are having the largest network. They almost cover each every small town. Most of the time you see postman visiting to your places. We are at 21 century & talking about the digital economy etc.

There are still villages where banks are not operative. There are many reasons why banks do not want to open their branches. But in many of these cases, there is at least one post office. This will be the key factor for the post-payment bank success. The main focus of payment bank will be in the rural area. They are correctly leveraging the reach of post offices in the rural area.

If this worked out correctly, Ipbb India post payment bank will be new competition. Offcourse it has time but i believe it will give good competition to our private as well as public sector bank.

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Network & Reach in India:

Starting with the launch of 3250 access points, IPPB will be spreading its footprint and leveraging the vast postal network of nearly 1.55 lakh Post Offices and 3.0 lakh postal employees in every district, town and village of the country to serve us. Appx. 11,000 postmen both in rural and urban areas will provide doorstep banking services.

Products offered by ippb India post payment bank:

The products mainly include Saving & Current account. Saving account further classified in three categories.

Digital Savings Account:

As the name suggests, it is for users who are tech-savvy. It will be app based account. Anyone with above age of 18 & valid PAN can open an account here.

Basic Savings Account:

This savings account has all the features and benefits offered by the Regular Savings Account (except that it allows only four cash withdrawals in a month). The aim of the basic savings account is to provide primary banking services at a very nominal charge.

Regular Savings Account:

The Regular Savings Account can be opened at the bank’s access points and your doorstep. This account can be used to keep funds secure, withdraw cash, deposit money and perform easy remittances, besides a host of other benefits. In addition, interest can be earned on the money kept in this account and the cash withdrawals allowed in this account are unlimited.

Current Account:

IPPB offers the facility of a Current Account to the small merchants/ kirana stores and individual businessmen. This account is a prerequisite for carrying out and expanding the business. IPPB’s Current Account gets you started on the road to digital transactions for your business needs.

Services offered by ippb India post payment bank:

Services mainly include,

Mobile Banking:

This includes basic services to do day to day transactions as follow.

Account balance enquiry

Request for a statement of your account

Request for a chequebook (Current Account)

Stop payment on a cheque

Transfer funds within the bank

Transfer funds to other bank accounts

Pay water, electricity and utility bills

Recharge prepaid and DTH (direct-to-home) services

Manage your funds with the linked POSA (Post Office Savings Account) by using Sweep-in and Sweep-out facility

SMS Banking:

You can access this service simply sending SMS to the IPPB’s SMS Banking number 7738062873.

Services include Balance Inquiry & Mini statement. you can use word BAL & MINI respectively for each service.

Missed Call Banking:

Missed call, the unique concept we developed..) Vodafone has written off ints goodwill as people are not calling each other & just giving a missed call. You can use basic service here Like balance enquiry & Mini Statement.

Services available through Missed Call Banking

Services	Dial- IN Numbers
Balance enquiry	Missed call to 8424046556
Mini statement	Missed call to 8424026886

Phone Banking:

It is the extension of Missed call banking, SMS baking etc. with some new add-on. For this, you need to call our PHONE BANKING service on our toll-free number 155299.
Depending on the type of transaction, phone banking services could be a combination of IVR (Interactive Voice Response) and interaction with a teleoperator (agent assisted). Transactions that cannot be completed through IVR will be assisted by a dedicated phone banking officer.

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PPB's Phone Banking Services

Information on IPPB’s products/services.

Information on the last five transactions.

Call-back function.

Queries related to interest rates.

Account-related information.

Issuing of account statement.

Book a request for Doorstep banking services.

Balance and transaction-related details.

Cheque and clearing-related queries.

Any other banking-related queries.

QR Card:

This is unique & something new. You need not to remember your bank account number, pin or password. The transaction will be completed using biometric authentication.

3 Simple Step & your are done:

Follow these 3 simple steps:

Scan the code.

Authenticate through biometric verification.

Complete the transaction.

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Doorstep Banking:

This is the unique feature which makes this bank different & unique with others. The postman will be given doorstep service to the account holder. Services under doorstep banking include,

Account opening

Cash Deposit / Withdrawals

Money Transfer

Recharge & bill payment

Third party Service like insurance, Loans, Investment etc.

To Use Doorstep baking, simply call @ 155299 & fix an appointment.

Payments Under ippb India post payment bank:

As it says banks, it provides another payment facility such as

Bill Payments

Fund Transfer: NEFT, RTGS etc.

Direct Benefit Transfer: Funds from various government scheme will get directly transfer to the nearest post office. This will reduce corruption.

This is not over ippb India post payment bank will also provide the Group Term Life Insurance facility. The payment bank will be used by a government to distribute NREGA wages, subsidies, pension etc

The India Post Payments Bank app which is expected to be launched on the same day. This will enable customers to pay for services of around 100 firms including phone recharges and bill, electricity bill, DTH service, college fees etc. This will be present on Bharat Bill payments system of National Payments Corporation of India.

No. of Branches under ippb India post payment bank:

The Post office is trying to link 1.55 lakh post office with India post payment bank by end of 2018. This will be a unique & largest network in india.

Conclusion:

This is good initiative by Govt. of India. If it is implemented correctly, will give big competition to a current player in the banking industry. People who never visited a bank or not know what bank is will come under a banking system. The rural area is the biggest beneficiary of these payment banks.

In rural area post offices/ postman have a good trustworthy image. This image will help to post payment bank to get the new customer. Let's wait & watch how it works.

Let me know what are yours though on Ippb India post payment bank in the Comment box.

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