Tag Archives: Payment Bank

India Post Payment Bank approved by Government

02 Thursday Jun 2016

Posted by in CG Employees, General

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The long pending approval for the India Post Payment Bank (IPPB) by the government has been issued on 1st June 2016, as announced by the Communications Minister, Ravi Shankar Prasad. It will be the largest bank in the world in terms of reach with 1.54 lakh Post Offices and 650 Payment Bank Branches, he stated.

‘A Payment Bank can hold a maximum balance of Rs. one lakh per customer, can issue ATM/Debit Cards, but not Credit Cards. It can offer payment and remittance services,deal in simple financial products like mutual fund units and insurance products but can not take lending services.’

It is to be noted here that Department of Posts were denied ‘Payment Bank’ service, while private companies were allowed to do so. This was great injustice. At least at this stage, government has been compelled to approve the application of the Department of Posts  for starting Payment Bank service.

Dept. of Posts introduce SMS to customers on delivery status.

11 Friday Sep 2015

Posted by in General, Uncategorized

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Department of Posts proposes to intimate the customers about the delivery status of money orders, parcels etc. from September 2015 onward. It is also decided that the Postmen/Postwomen will be tracked with GPS handheld devices by October 2015.

DoP has also decided to open 1,000 ATMs across the country. In this connection, it is to be noted that Department of Posts have received licence as Payment Bank.

These are good decisions which will benefit the customers.

Postal Payment Bank – Pact with BSNL

25 Tuesday Aug 2015

Posted by in BSNL News, General

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It is understood that Department of Posts is going to have agreement  with government telecom company Bharat Sanchar Nigam Limited (BSNL) to use its platform to roll out payment bank services, which is proposed  to start by March 2016. This will be beneficial for both to Department of Posts and BSNL, which were both part of one single Department, P and T, till 1985.