Hyderabad: A total of 51 Post Offices (POs) in Telangana State
and Andhra Pradesh have been identified for functioning as payments bank
branches, providing a slew of services, including distribution of financial
products. These offices - 34 in Andhra Pradesh and 17 in Telangana - will
operate as branches of India Post Payments Bank (IPPB).
IPPB came into existence after it received certificate of
incorporation from the Registrar of Companies, setting the stage for the new
bank to start operations in 2017. Similarly, 17 POs have been identified for
IPPB branches in Telangana. Of these, Hyderabad GPO will be operational as IPPB
branch by March 2017 and remaining 16 by September 2017, Rai said.
The benefits of IPPB include doorstep banking through postmen
and Grameen Dak Sewaks, distribution of third party financial products like
loans, insurance, pension products, mutual funds, international and domestic
remittances, payment of utility bills, municipal dues, fees, government
payments, taxes, DBT and MNREGA disbursements, among others.
"IPPB will drive the benefits of financial inclusion by
bringing a host of financial products to suit the needs of different strata of
society with special focus on the marginalised sections rural areas," Rai
added.
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