Budget 2024-25: More than 100 Branches of India Post Payments Bank will be set up in North-East Region, says FM [Read Bill]

The Union Finance Minister Nirmala Sitharaman presented the full budget 2024 today before the parliament at 11 am. The FM announced a significant expansion of the India Post Payments Bank (IPPB) in the North-East Region. More than 100 new branches of IPPB will be established in this region as part of the government’s ongoing efforts to enhance financial inclusion and accessibility in remote and underserved areas.

The India Post Payments Bank, launched in September 2018, operates with a mission to provide efficient, accessible, and affordable banking services to every citizen. IPPB leverages the extensive network of India Post, which has over 155,000 post offices across the country, to offer doorstep banking services. This unique working pattern ensures that even the most remote villages are connected to the formal banking system.

IPPB operates on a simple and user-friendly platform, offering basic banking services such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. Its emphasis on digital banking ensures that customers can access these services through various channels, including mobile banking, SMS banking, and the IPPB mobile app.

Customers can expect a plethora of advantages immediately and in the near future when they open an account with IPPB. These benefits include hassle-free onboarding using e-KYC, no minimum quarterly average balance requirement, and a nominal initial deposit required to open an account.

Additionally, the first debit card is free for all, and there is an annualized interest rate of 5.5%. Customers have easy access through multiple channels, including branches, access points, doorstep, and mobile banking. Free cash withdrawals are available at India Post ATMs and Punjab National Bank ATMs.

Over the years, IPPB has steadily expanded its reach and services, becoming an important player in the financial inclusion landscape of India. Its focus on underserved areas has helped millions of people, particularly in rural regions, gain access to banking services that were previously out of reach.

The expansion of the India Post Payments Bank in the North-East Region is just one of the many initiatives outlined in the budget aimed at promoting inclusive growth and development across the country.

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