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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