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Wednesday, December 21, 2016

First India Post Payments Bank (IPPB) branch in January 2017

Ranchi: India Post, Jharkhand, will become the first in the country to open a bank branch India Post Payments Bank (IPPB) in January.

The basic preparations in terms of infrastructure, manpower and training have been completed.

The move to came after Prime Minister Narendra Modi announced that all post offices should be converted to banks by January next year. The IPPB was incorporated as a public limited company, under the department of posts, Government of India, in August 2015 with 100% government equity.

Talking to TOI, post master general, Jharkhand circle, Anil Kumar said that the first bank branch will begin operations at GPO, Doranda, for which a separate building has been constructed. "Once the GPO branch becomes functional, all other post offices in the state will also start functioning," Kumar said.


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