Posts Tagged ‘IPPB’

PM launches India Post Payments Bank – a major initiative towards financial inclusion

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Prime Minister’s Office

PM launches India Post Payments Bank – a major initiative towards financial inclusion

01 SEP 2018

India Post Payments Bank

The Prime Minister, Shri Narendra Modi, today launched the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi. The function was witnessed at over 3000 locations across the country, which were connected to the main event in Delhi.

Speaking on the occasion, the Prime Minister said that through the India Post Payments Bank, banking services will conveniently reach the remotest places in the country, and the people living there.

He recalled that the Union Government had earlier rolled out the Jan Dhan Yojana to establish financial inclusion. He said that today’s launch of IPPB is one more step to achieve this objective. He said IPPB branches have opened across 650 districts today.

The Prime Minister said that the postman has long been a respected and accepted person in the villages. He said the trust on the postman remains, despite the advent of modern technology. He said that the Government’s approach is to reform existing frameworks and structures, and hence, transform them in accordance with the changing times. He said that there are over 1.5 lakh post offices and over three lakh postmen or “grameen dak sevaks” who are connected to the people of the country. Now they shall be empowered with smartphones and digital devices to provide financial services.

Enumerating the benefits of IPPB, he said it will enable money transfer, transfer of government benefits, bill payments and other services such as investment and insurance. He added that postmen would deliver these services at the doorstep. He said that IPPB will also facilitate digital transactions, and help deliver the benefits of schemes such as Pradhan Mantri Fasal Bima Yojana, which provide assistance to farmers.

The Prime Minister said that since 2014, the Union Government has been dealing firmly with the distortions and problems that had arisen in India’s banking sector due to indiscriminate loan advances. He said existing loans have been reviewed and a professional approach has been taken with regard to the banking sector. He mentioned other measures such as the Fugitive Economic Offenders Bill, which have been taken to ensure that the guilty are punished.

The Prime Minister said that now Mudra loans worth over 13 lakh crore rupees have been given to the poor and middle class, for creating self-employment opportunities. He said that today, as India achieves its best ever Asian Games performance, and the economy shows excellent growth numbers, the entire country is full of new self-confidence. He said this is the result of the collective efforts of the people. He said today India is not just the fastest growing economy in the world, but also the country that is eradicating poverty the fastest.

The Prime Minister said that 3 lakh “dak sevaks” would be the key to provide financial services to every home, every farmer and every small enterprise in the villages. He mentioned that in recent months, several steps have been taken for the welfare of “dak sevaks” and to meet their long pending demand. These have led to a substantial increase in their salary, he added. He expressed confidence that IPPB shall reach over 1.5 lakh post offices across the country within the next few months.

PIB

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Be the first to comment - What do you think?  Posted by admin - September 1, 2018 at 9:32 pm

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PM to launch India Post Payments Bank on Saturday, 1st September

Prime Minister’s Office

PM to launch India Post Payments Bank on Saturday, 1st September

31 AUG 2018

The Prime Minister, Shri Narendra Modi, will launch the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi on September 1st, 2018.

 

IPPB-India-Post-payments-bank

IPPB has been envisioned as an accessible, affordable and trusted bank for the common man, to help speedily achieve the financial inclusion objectives of the Union Government. It will leverage the vast network of the Department of Posts, which covers every corner of the country with more than 300,000 Postmen and Grameen Dak Sewaks. IPPB will hence significantly augment the reach of the banking sector in India.

The launch of IPPB marks another significant milestone in the Union Government’s endeavour to take the benefits of a rapidly developing India to the remotest corners of our country.

On the day of the launch, IPPB will have 650 Branches and 3250 Access Points spread across the country. Simultaneous launch events will be held at these branches and access points.

All the 1.55 lakh Post Offices in the country will be linked to the IPPB system by December 31, 2018.

IPPB will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. These products, and related services, will be offered across multiple channels (counter services, micro-ATM, mobile banking app, SMS and IVR), using the bank’s state-of-the-art technology platform.

PIB

Be the first to comment - What do you think?  Posted by admin - August 31, 2018 at 9:12 pm

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Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank

India-Post-Payments-Bank-IPPB

Cabinet
Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank
Boost to Banking Services at Post Offices across the country

29 AUG 2018

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval for revision of the project outlay for setting up of India Post Payments Bank (IPPB) from Rs. 800 crore to Rs. 1,435 crore. The additional sum of Rs. 635 crore in the revised cost estimates is on account of Rs 400 crore for Technology Costs and Rs 235 crore for Human Resource Costs.

Details:

  • IPPB services shall be available at 650 IPPB branches and 3250 Access Points from 1st September 2018 and in all 1.55 lakh post offices (Access Points) by December 2018.
  • The project will generate new employment opportunity for about 3500 skilled banking professionals and other entities engaged in propagating financial literacy across the country.
  • The objective of the project is to build the most accessible, affordable and trusted bank for the common man; spearhead the financial inclusion agenda by removing the barriers for the unbanked and reduce the opportunity cost for the under banked populace through assisted doorstep banking.
  • The project will supplement Government’s vision of “less cash” economy and at the same time promote both economic growth and financial inclusion.
  • The robust IT architecture of IPPB has been built taking into consideration bank grade performance, fraud and risk mitigation standards and in line with the best practices from payments & banking domain

IPPB services:

The IPPB will provide bouquet of payments/financial services through its technology enabled solutions which will be distributed by the Department of Posts (DoP) employees/last mile agents transforming them from mail deliverer to harbinger of financial services.
The IPPB shall pay incentive/commission to the last mile agents ( Postal Staff and Gramin Dak Sewaks) directly in their accounts for providing IPPB services so as to motivate them to promote IPP8 digital services to the customers.

A part of commission to be paid by IPPB to Department of Posts will be used for increasing the wherewithal of Post office.

PIB

Be the first to comment - What do you think?  Posted by admin - August 29, 2018 at 6:42 pm

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Regarding arrangements and nomination of nodal officers for monitoring of preparations in Circles

Regarding arrangements and nomination of nodal officers for monitoring of preparations in Circles

No. 5-8/2018-PBI

Ministry of Communications
Department of Posts
(PBI Division)

Dak Bhawan, New Delhi
Dated: 23rd August 2018

To,

All CPsG PMsG DPS
All Nodal Officers at Directorate

Subject: Nationwide rollout of India Post Payments Bank – regarding arrangements and nomination of nodal officers for monitoring of preparations in Circles.

The Department of Posts is rolling out 650 branches and 3250 access points of India Posts Payments Bank (IPPB) simultaneously across the country on 1st September 2018. The Hon’ble Prime Minister of India has kindly agreed to preside over the national level launch function which is scheduled at Talkatora Stadium, New Delhi. Several Governors / Chief Ministers / Union Ministers / State Ministers / Member of Parliaments 1 Member of Legislative Assembly and other dignitaries and important personalities will be presiding the launch functions at 650 branches and 3250 access points which are being organized by the Circles across the country. The branch / access points level launch functions in the Circles will precede national level launch function at New Delhi. The combined Minute to Minute Programme for national and branch / access points level function is enclosed at Annexure – I.

The presence of Hon’ble Prime Minister and other important dignitaries / personalities in the branches and access points of IPPB across the country to simultaneously launch DoP’s flagship project ‘India Post Payments Bank’ in 650 branches and 3250 access points will not only be historic in several aspects but will also provide massive outreach opportunity for the Department of Posts and India Posts Payments Bank (PPB) together.

Heads of Circles have been requested by the PBI Division to meticulously organize launch functions and put their best efforts at their disposal to make the simultaneous launch a grand success. The broad guidelines and checklist for organizing the launch events have already been shared with the Circles and Circles are already making adequate preparations accordingly.

Hon’ble Minister and Secretary (Posts) have been regularly reviewing the preparations of launch with HoCs and important suggestions / guidelines are given to Heads of Circles are also given responsibility of taking local level decision to organize the launch rather than waiting for instructions / guidelines from Directorate. The review meetings are being organized at the office of MoSC (I/C) on daily basis to monitor the preparations in the Circles which are currently being represented by PSI Division, IPPB and Delhi Circle. Secretary (Posts) has organized VC meetings with HoCs I PMsG I DPS which were webcasted also for larger audience in last two weeks.

Since the scale of the function is massive, it has been decided by the competent authority to nominate few SAG level officers working in the Dak Bhawan as nodal officers for reviewing preparations of the Circles for branch / access points launches and give Circle wise status update to Secretary (Posts) to appraise the Hon’ble Minister. The name of the officers and name of the Circles for which they are responsible for ensuring organization of successful launch functions is at Annexure -II. The nodal officers will continue to monitor the performance of Circles till the 100 days’ rollout targets given to the Circles for customer and merchant onboarding Is successfully over.

The Heads of Circles are requested to liaison with the nodal officer for their Circle and seek support, if any, for the launch of IPPB in the Circles. They are requested to send a daily status update on the list of activities indicated in this letter to the nominated nodal officers by 4.00 pm on daily basis including weekend (25th & 26th August 2018).

The list of activities which are requested to be monitored / reviewed by the HoCs and nodal officers on daily basis is at Annexure – III. The list of activities is non-exhaustive and only indicative. Circle Heads I Nodal Officers are requested make suitable changes in the list, if required for review.

The overall responsibility of successfully organizing launch functions in the Circles rest with Head of Circles. The concerned CPMsG / PMsG / DPS should visit all venues of the branch and access points launch functions personally and physically verify the preparations / arrangement for the launch in terms of

a)Cleanliness post offices I venue where launch function is organized

b) Preparations for filling the venue to capacity including security

c) Coordination with District Administration / Police / Mayor Office / Municipalities

d) Arrangements for broadcast I webcast of national level launch function

e) Dais plan / seating arrangement! Backdrop

f) Placement of hoarding I signage of IPPB

g) Distribution of flyers! leaflets on IPPB

h) Branches are operational and transactions are taking place

i) End Users are adequately trained I retrained

j) Any other arrangement I preparation for safe and successful launch

The responsibility of organizing national level launch function at Talkatora Stadium, New Delhi which will be presided over by the Hon’ble Prime Minister has already been given to CPMG, Delhi Circle. CPMG, Delhi Circle is attending review meeting at the office of MoSC (I/C) on daily basis and reviewing the progress of activities against a checklist. CSMO (IPPB) and his team is supporting CPMG. Delhi Circle for the National Level launch function and will continue to do so till the launch function is successfully over.

Secretary (Posts) will chair review meeting at 5.30 pm In the Board Room on dally basis from 23fd August 2018, to review the preparations of nationwide rollout of IPPB with nodal officers and CPMG Delhi Circle. DG (Post), Member (Technology) and CEO (IPPB) are also requested to attend the daily review meeting chaired by Secretary (Posts) at 5.30 pm in the Board Room.

Since a large number of dignitaries / guests / customers / public would be visiting Post Offices during the launch events which will provide huge outreach opportunity to the Members of Postal Services Board are requested to kindly review their areas of operations / services and take necessary action as well as issue necessary instructions to the Circles, if any. so that opportunity can be appropriately utilized by the Department for improving the image of the Department. Special focus may be given to the Customers and on Cleanliness of Post Offices.

All officers / employees of the Department of Posts and India Post Payments Bank (IPPB) are requested to constructively involve themselves with the launch function to make it a grand success.

This issues with the approval of Secretary (Posts).

(T.Q. Mohammad)
Secretary (PSB) & DDG (PBI)
DOPT, postal orders

Be the first to comment - What do you think?  Posted by admin - August 24, 2018 at 6:44 pm

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Cabinet approves Revision in the wage structure and allowances of Gramin Dak Sevaks (GDS) of the Department of Posts

Cabinet approves Revision in the wage structure and allowances of Gramin Dak Sevaks (GDS) of the Department of Posts (1/2)

Cabinet Decision

June 06, 2018

Cabinet approves Revision in the wage structure and allowances of Gramin Dak Sevaks (GDS) of the Department of Posts
  • The revision in the wage structure would entail an estimated expenditure of Rs 1257.75 crore (Non-recurring expenditure – Rs 860.95 crore and Recurring expenditure of Rs.396.80 crare) during 2018-19. 3.07 lakh Gramin Dak Sevaks will be benefitted by this wage revision.

Details:

  • Time Related Continuity allowance (TRCA) structure and slabs have been rationalised. The total GDSs have been brought under two categories viz. Branch Postmasters (BPMs) and other thanBranch Postmasters namely Assistant Branch Postmaster (ABPMs).
  • The present 11 TRCA slabs will be merged into only three TRCA Slabs with two levels each for BPMs and other than BPMs.
  • Introduction of new Time Related Continuity Allowance (TRCA) will be as below:
Minimum TRCA of two types of proposed categories of GDSs as per working hours / levels
S.No. Category Minimum TRCA for 4 Hours/level 1 Minimum TRCA for 5 Hours/level 2
1 BPM Rs.12000/- Rs.14500/-
2 ABPM/Dak Sevaks Rs.10000/- Rs.12000/-

Cabinet approves Revision in the wage structure and allowances of Gramin Dak Sevaks (GDS) of the Department of Posts (2/2)

  • It is decided to continue the calculation of the ex-gratia bonus by applying the calculation ceiling of Rs.7000 as basic TRCA + DA till such time a new scheme is devised.
  • Arrears for the period 1.1.2016 to the date of implementation will be paid by increasing the basic TRCA drawn during the period by a factor of 2.57. The arrears will be paid in one instalment.
  • Annual increase at the rate of 3% and the same may be given on 1st January or 1st July of every year as the case may be based on the one time written request of GDSs.
  • Dearness Allowance will continue to be paid as a separate component, and also revised from time to time whenever it is revised for Central Government Servants.
  • A new Riskand hardship Allowance has been introduced. Other allowances Viz. Office maintenance allowance, Combined duty allowance, Cash conveyance charges, Cycle maintenance allowance, Boat allowance and Fixed Stationery Charges have been revised.

Implementation strategy and targets:

The revision would result in improving the wages, allowances and discharge benefits of Gramin Dak Sevaks resulting in providing efficient & cost-effective basic postal facilities in the rural area. The proposed increased emoluments will enable him to improve his socio-economic standing.

Impact:

The Branch Post Offices are the fulcrum for provision of Communications and financial services in the village and are located in remote areas. The Post Master has to deal with large sums while making payments to customers; hence accountability is already built into his work. The enhanced remuneration will increase the sense of responsibility. Moreover, with the roll out of the India Post Payment Bank (IPPB), the CDS network is expected to play a key role in the process of financial inclusion of the rural population.

Background:

The Extra Departmental system in the Department of Posts was established more than150 years ago to provide basic, economical and efficient postal services in the rural areas where there was no justification for engaging full time regular employees. One Lakh Twenty-Nine Thousand Three Hundred forty-six (1,29,346) Extra-departmental Branch post offices are primarily manned by Gramin Dak Sevak Branch Postmasters. In addition, Gramin Dak Sevaks other than Branch Postmasters are also working in Branch, Sub and Head Post offices. The main features of the engagement of Gramin Dak Sevaks are that they work for part time ranging from 3 to 5 hours per day and supplement their income from other vocations so as to have adequate means of livelihood for themselves and their families. They remain in service up to the age of 65 years.

PIB

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India Post Payment Banks (IPPB) to come up in 12 districts under Trichy region by September, 2018

India Post Payment Banks (IPPB) to come up in 12 districts under Trichy region by September, 2018

IPPB

A total of 12 India Post payment banks would come up in the 12 districts under Trichy postal division including two in the district before September this year, the director of postal services, central region, A Thomas Lourduraj has said. He also revealed that the region had seen a growth of 8.87 per cent during 2017-18 compared to the previous year in overall business.

According to him, 37 payment banks would be established across the state. In an effort to provide banking services to the people, particularly in rural areas, the Union government had announced the establishment of 650 payment banks. He was speaking at a function to declare open the Trichy postal division’s migration to Core System Integration platform. The head post offices, sub-post offices and branch offices would be linked to the payment banks. The banks would provide banking services like savings accounts, payment and remittance services. However, they would not offer loans or credit cards, they said.

ATMs have been established at 24 centres in Trichy region including two in Trichy. In 2017-18, a total of 83,000 applications were received for Selvamagal Savings Scheme from which the postal department had realised Rs 436 crore across the region. They had received 8,168 applications under the postal insurance scheme and collected Rs 92.45 crore as premium during 2017-18. In the case of rural postal insurance, Trichy region received 40,509 applications and Rs 119.41 crore by way of premium, officials said.

Be the first to comment - What do you think?  Posted by admin - April 26, 2018 at 4:00 pm

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India Post Payments Bank (IPPB) to enable Digital Payments in Post Offices by April 2018

Ministry of Communications
India Post Payments Bank (IPPB) to enable Digital Payments in Post Offices by April 2018

India-Post-Payments-Bank-IPPB

10 FEB 2018

India Post Payments Bank (IPPB) Expansion Programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018. No decision has been taken to revise the timelines as reported in some sections of the media on Tuesday, 06th February 2018. Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with ability to provide digital payment services at the doorstep with the help of Postmen and GraminDakSewaks (GDS). IPPB will also enable more than 17 crore active account-holders of Post Office Savings Bank to make interoperable digital payments including the benefit of NEFT, RTGS, UPI and bill payment services. Additionally, the IPPB will enable acceptance of digital payments across post offices in the country in line with the digital payments initiative of the government.

PIB

Be the first to comment - What do you think?  Posted by admin - February 10, 2018 at 3:25 pm

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FAQs on deputation of DoP staff to India Post Payments Bank (IPPB)

ippb-faq
FAQs on deputation of DoP staff to India Post Payments Bank (IPPB)
Sl.No. Frequently Asked Question Response/Clarification
1. What is IPPB ? What are its Objectives? How it will operate? (i) India Post Payments Bank Limited (“IPPB”) was incorporated as a company on August 17, 2016 under The Companies Act, 2013, with 100% equity from the Department of Posts (DoP), Ministry of Communications, Govt. Of India and as a payments banking company under Section 22 (1) of the Banking Regulation Act, 1949.(ii) IPPB is visualized as a vehicle of financial inclusion that would complement the existing banking, financial services and payments network in the country to improve overall efficiency, accessibility and convenience in delivery of banking services including Direct Benefits Transfer and social security payments. IPPB, as an organization, is designed to leverage the field network of the Department of Posts and is required to carry out its sales and operations through the workforce of the DoP. IPPB will be responsible for designing the products and services, defining the technology and service delivery platforms, undertaking marketing and third-party tie-ups, setting and monitoring the service quality standards, handling customer grievances, managing the risks of the banking operations, and dealing with statutory and regulatory compliances, etc.
2. Why IPPB is looking for positions on deputation/ foreign service/ engagement for DoP? Requirement of positions on deputation/ Foreign Service from DoP to IPPB is based on IPPB’s business requirements, as success of IPPB hinges significantly on its ability to leverage field-level resources of DoP. In this context, it is imperative, especially in the initial stages, that the persons who are acting on behalf of IPPB at the field level, have a strong understanding of DoP as an organization.
3. Which authority has approved the policy of deputation? Board of Directors of IPPB approved the policy of deputation of regular employees from DoP to IPPB, which is also agreed by Postal Services Board.
4. What is the period of deputation? What is the job profile of posts offered ? What are the employment terms and conditions / service rules? Details are available in the Notification released by IPPB.
5. Will there be any relaxation provided in the eligibility criteria? No relaxation will be provided in the eligibility criteria on age, experience and education. Kindly ensure that you fill the correct information. In case, any incorrect information is provided, your application is liable to be cancelled.
6. Can any details of submitted application be modified/ removed/ added No. Any changes to the application cannot be made after submission of the application.
7. Whether ASPs can apply for Scale- II ? All regularly appointed ASPs, if they fulfill the eligibility criteria can apply for scale –II position.
8. Whether all PAs will be eligible for deputation? All regular PAs who fulfill the eligibility criteria can apply for scale-I position, irrespective of their present place of posting .
9. Whether officials working in LSG /HSG- II /HSG-I/ Post Master cadre can apply for deputation? All LSG PAs/ HSG-II/Postmaster cadre officials who fulfill eligibility criteria can apply for Scale I.
10. Is the experience of CBS/Sanchay Post mandatory to apply for Scale I? As per Section C of notification at least two years hands on experience is mandatory in POSB CBS/ Sanchay Post operations.
11. Whether all GDS will be eligible for deputation? All regularly appointed GDS candidates meeting eligibility criteria will be eligible.
12. Whether DoP official working in deputation in IPPB is allowed to appear in DoP departmental exams for promotion? Yes, subject to fulfilment of eligibility criteria of that particular exam.
13. Whether reservation is applicable in the selection? Being the deputation posts, rules of reservation are not applicable.
14. Will any model question papers be made available? To be notified in due course of time.
15. Where can I download the Admit card for the examination Admit card can be downloaded after the date of examination is announced from www.indiapost.gov.in
16. When will the results be available for the exams Results will be published on www.indiapost.gov.in in due course of time.

Note: The Last date for registration of application has been extended to 15.01.2018

Sd/-

Abhishek Jain

ADG (PBI)

Dated 05.01.2018

Source: India Post

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India Post Payment Bank IPPB – Schedule of Charges (Tariffs are excluding applicable taxes)

India Post Payment Bank IPPB – Schedule of Charges (Tariffs are excluding applicable taxes)

India Post Payment Bank

IPPB – Schedule of Charges
(Tariffs are excluding applicable taxes)

Account variants -> Account feature Regular Account – Safal Account Basic Savings Bank
Deposit Account(BSBDA) – Sugam Account
BSBDA – Small
Account – Saral Account
Account opening
Eligibility Anybody 10 years
and above with KYC
Anybody 10 years
and above with KYC
Anybody 10 years
and above with
simplified KYC
Initial minimum deposit
requirement
INR 100 Nil Nil
Minimum account balance Nil Nil Nil
Maximum balance INR 1,00,000 INR 1,00,000 INR 1,00,000
Nomination facility Available Available Available
ATM/ Debit CArd Free Free Free
Subsequent cards INR 100 INR 100 INR 100
Annual maintenance
charges (from 2nd Year)
INR 100 NA NA
PIN regeneration INR 100 INR 50 INR 50
Servicing / Transaction
Minimum Quarterly Average
Balance (QAB)
Nil Nil Nil
Annual Interest Rate 5.5% 5.5% 5.5%
Quarterly Non maintenance
charges
NA NA NA
Interest payment Quarterly Quarterly Quarterly
Mobile Alerts Free Free Free
Monthly Account statement
(including duplicate
statements)
Free Free Free
Doorstep banking (Refer
Doorstep banking charges for
details)
INR 15-35 INR 15-35 INR 15-35
Interbank remittances
charges (IPPB Intrabank
remittance is free
2 remittances free
per month
For more details, see
Remittances charges
See Remittances
charges
See Remittances
charges
Branch Banking
Free monthly customer
induced
transactions.Subsequently
@ INR 20 per transaction at
branch and Customer
Service Points
4 Free 4 Free 4 Free
Charge frequency Monthly Monthly Monthly
ATM monthly transactions
At India Post ATMs All free All free All free
At Punjab National Bank’s
ATMs
All free All free All free
At other bank’s ATMs:
Metro
3 txns. free 3 txns. free 3 txns. free
At other bank’s ATMs: Non-
Metro
5 txns. free 5 txns. free 5 txns. free
Additional transactions at
Other Bank’s ATMs
Financial: INR 20 Financial: INR 20 Financial: INR 20
Non-financial: INR 8 Non-financial: INR 8 Non-financial: INR 8
Maximum ATM withdrawal
per transaction
INR 10,000 INR 10,000 INR 10,000
per month in
aggregate by way of
withdrawals through
withdrawal slips at
Branch, ATM, POS
Outlets and
E-Commerce
Transactions
Maximum ATM withdrawal
per day
INR 25,000 INR 25,000
Maximum cumulative spend
at POS outlets and
ecommerce sites per day
INR 65,000 INR 65,000
Miscellaneous
Standing Instruction Charges
(IPPB to IPPB)
Free Free Free
Account status change
(Inactive to active and
dormant to active)
Free Free Free
Account Closure Charges within 14 days of Account
Opening
Free Free Free
Account Closure within 6 months – Customer induced INR 250 INR 250 INR 250
Balance certificate per Instance Free Free Free
ATM card/ KIT returned due to wrong address INR 100 INR 100 INR 100
Charges to be recovered from IPPB customer in case of
cheque bounce
100% of clearing
charges
100% of clearing
charges
100% of clearing
charges

All transaction limits set in this Schedule of Charges are applicable subject to the transaction amounts being within regulatory limits for the specified period as prescribed by RBI.

Remittances Charges

These charges are applicable irrespective of the type of Savings account.

Mode of Outward
Remittance
Transaction size Charges (excluding
service tax) at branch
and doorstep banking
Charges (excluding
service tax) for
mobile banking
NEFT Up to INR 10,000 INR 2.5 per transaction NA
INR 10,000 – INR 1
Lakh
INR 5 per transaction NA
IMPS
Upto 1 INR Lakh
INR 5 per transaction INR 4 per transaction
AEPS Upto INR 10,000
(max. limit)
Free NA

The charges are subject to any regulatory changes that might be intimated from time to time

Doorstep Banking Charges

Service
Charges (INR)
Doorstep Banking -On-boarding Customer On-
boarding
Free
Doorstep Banking – Cash based
transactions
Cash Deposit and
Withdrawal
For cash transactions
< INR 2,001 : INR 15 per visit
INR 2001 – 5,000 : INR 25 per visit
INR 5,001 – 10,000 : INR 35 for per visit
Cash transactions above INR 10,000 will
not be offered at doorstep
Doorstep Banking – Non-cash
based Financial Transactions
Remittance INR 10 per visit
Doorstep Banking – Non-cash
based Non-Financial Transactions
Balance Enquiry Free
Mini Statement

Notes:
1. The above charges are in addition to the transaction charges (e.g. charges for AEPS are not included above). Please refer to the respective sections for transaction charges.
2. The higher of financial and non-financial transaction charges for Doorstep Banking will be levied in case a customer avails both the facilities in a single visit (e.g. if a customer avails cash deposit of INR 10,000 and balance enquiry in a single Doorstep visit) the customer will be charged INR 35 for that visit).
3. Only three transactions are allowed per visit. Fourth transaction would be treated as another visit, and charges would apply accordingly.

Source: http://utilities.cept.gov.in/dop/pdfbind.ashx?id=2348

Be the first to comment - What do you think?  Posted by admin - April 27, 2017 at 1:08 pm

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More than 2 dozen companies want collaboration with India Post Payments Bank-Manoj Sinha

More than 2 dozen companies want collaboration with India Post Payments Bank-Manoj Sinha

Government has said that there are many companies who have approached the Department of Posts for collaboration with India Post Payments Bank. Replying to a question in the Rajya Sabha, the Minister of Communications Shri Manoj Sinha said that while the Department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man. The India Post Payments Bank had launched its two branches in Raipur (Chhattisgarh) and Ranchi (Jharkhand) on 30/01/2017 with basic products and banking services in partnership with Punjab National Bank.

Shri Sinha also said that the Payments Banks are different from regular Banks in the following fundamental ways as per RBI guidelines for Licensing of Payments Banks:

(i) Payment Banks are not allowed to undertake lending activities directly. It can accept demand deposits only that is savings and current accounts and will initially be restricted to holding a maximum balance of Rs. 100,000(Rupees one lakh only) per individual customer.

(ii) Payment Banks cannot accept Non Resident Indian (NRI) deposits.

(iii) The Payment Banks cannot set up subsidiaries to undertake non banking financial services activities.

A list of companies interested in partnering with India Post Payments Bank is attached at Annexure A.

List companies keen to partner with India Post Payments Bank.
1 YES Bank
2 Union Bank
3 Punjab National Bank
4 IDBI Bank (Industrial Development Bank of India)
5 SBI (State Bank of India)
6 Axis
7 Bank of Baroda
8 IDFC Bank (Industrial development finance company)
9 Deutshe Bank
10 Barclays Bank
11 Citibank
12 NABARD (National Bank For Agriculture & Rural Development)
13 HSBC (Hongkong and Shanghai Banking Corporation)
14 MICRO SAVE
15 Allahabad Bank
16 Indian Overseas Bank
17 Dena Bank
18 FIA (Financial Inclusion)
19 Kotak Mahindra Bank
20 United Bank of India
21 HDFC Life (Housing Development Finance Corporation)
22 Royal Sundaram
23 PNB Metlife (Punjab National Bank)
24 ICICI Lombard ( Industrial Credit and Investment Corporation of India Bank)
25 ICICI Prudential ( Industrial Credit and Investment Corporation of India Bank)
26 Bajaj Allianz Life

PIB

Be the first to comment - What do you think?  Posted by admin - March 27, 2017 at 3:11 pm

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India Post Payments Bank will be a game changer for financial inclusion – Manoj Sinha

Press Information Bureau,
Government of India
Ministry of Communications & Information Technology

30-January, 2017 18:27 IST

India Post Payments Bank will be a game changer for financial inclusion -Manoj Sinha
IPPB branches launched in Ranchi & Raipur

 

IPPB-India-Post-Payments-Bank

Finance Minister, Shri Arun Jaitley and Minister of Communications Shri Manoj Sinha launched the operations of the India Post Payments Bank (IPPB) here today as two pilot branches at Raipur and Ranchi through video conferencing from Delhi.

Speaking on the occasion, Shri Jaitley said that about 650 IPPB branches will be opened by September this year and that will have a multiplier impact as far as banking in India is concerned. He said with IPPB, banking at the doorstep will no longer remain a mere slogan, but will become a reality due to huge postal network in the country. He said that financial Inclusion is critical for the socio-economic development of the country, but there are significant gaps in this area and a large proportion of country’s population remain unbanked or underbanked. IPPB will effectively leverage the ubiquitous post office network with its pan-India physical presence, long experience in cash handling and savings mobilization, backed by the ongoing project of IT-enablement, to bridge this gap in Financial Inclusion.

In his address, Minister of Communications Shri Manoj Sinha has commended the hard work done by the Department of Posts in setting up the India Post Payments Bank and hoped that both organizations will work in tandem to take the benefits of government schemes and financial services that are not easily available in rural areas to customers across the country and to the marginalized population in urban and rural areas alike. He said, the objective of IPPB will be public service rather than promoting commercial interests.

Secretary, Department of Posts, Shri B.V.Sudhakar said that the IPPB is widely expected to be a game changer for financial inclusion in the country as the USP of this initiative is doorstep banking, particularly in the rural areas.

As mandated by the RBI, the India Post Payments Bank (IPPB) would focus on providing basic financial services such as all kinds of payments; including social security payments, utility bill payments, person to person remittances (both domestic and cross-border), current and savings accounts up to a balance of Rs 1 lac, distribution of insurance, mutual funds, pension products and acting as business correspondent to other banks for credit products especially in rural areas and among the underserved segments of the society.

Set up us a 100% Government of India owned Public Limited Company under the Department of Posts, it will open around 650 branches in district HQ locations. All 1.55 lacs post offices including the 1.39 lac of the rural post offices will be mapped to the IPPB branch at the district headquarter and function as access points for IPPB. IPPB will usher in state of the art internet and mobile banking platforms, digital wallets and use innovative and emerging technologies to catalyse the shift from a cash dominant to a less cash economy.

While many other banks and financial institutions are working on the same theme, the USP of IPPB will be its ability to ease access and handhold the adoption of new age banking and payments instruments among citizen of all walks of life through the delivery by postmen and Grameen Dak sevaks, savings agents and other franchisees who will take banking to door steps. IPPB thus aspires to the most accessible, affordable and trusted bank for the common man with the motto – “No customer is too small, no transaction too insignificant, and no deposit too little”.

Given ‘in principle’ approval by the RBI along with 10 other aspirants on 19th Aug 2015, IPPB received the cabinet’s approval on 1st June, 2016 and was incorporated as on 17th Sept, 2106. Today it became the second payments bank to launch its operations. Having got its final banking license from the RBI on the 20th Jan 2017 it has commenced operations in record time of 10 days in partnership with the Punjab National Bank, after obtaining all necessary approvals and registrations from the RBI, NPCI etc.

A commemorative stamp and a logo of the new bank were also launched on the occasion.

Be the first to comment - What do you think?  Posted by admin - January 31, 2017 at 7:48 am

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India Post launches logo and tagline design contest for IPPB on MyGov

Press Information Bureau
Government of India
Ministry of Communications & Information Technology

10-June-2016 14:41 IST

India Post launches logo and tagline design contest for IPPB on MyGov

The Department of Posts on 10.6.16 launched a logo and tagline design contest for the soon to be set up India Post Payments Bank on the MyGov website. The Cabinet has on 1st June 2016, given its nod to the setting up of the IPPB under the Department of Posts to further financial inclusion in the country.

Department of Post wants to connect with and involve the people of India in designing the DNA of the India Post Payments Bank. One of the guiding principles of the India Post Payments Bank would be cocreating value propositions and products with its customers and other stakeholders. The present contest is the first step towards this ongoing engagement. It has also initiated a nationwide survey to understand the needs of different segments of customers.

Reward: The contest is open to all Indian citizens, institutions, agencies and entities for a period of one month, until 9th July 2016. The best entry will be awarded Rs 50,000/. A panel of eminent designers/ experts will help shortlist 20 best entries which will thereafter be put up for voting on the MyGov platform for the final selection of the winner.

About the India Post Payments Bank

The India Post Payments Bank will offer digitally enabled payments, banking and remittance services of all kinds between entities and individuals and also provide access to insurance, mutual funds, pension and credit products in partnership with third party financial service providers and Banks. It is poised to emerge as the main vehicle of financial inclusion in the country by bringing the physical reach of 1.55 lakh post offices and a modern payments platform powered by ubiquitous information and communication technologies together to create a national payments architecture that can be accessed by all users like never before. The stakeholders of the India Post Payments Bank within the Government and outside are looking at this new entity as a catalyst to social and financial inclusion. The roll out of the IPPB is to be completed by September 2017.

PIB

Be the first to comment - What do you think?  Posted by admin - June 11, 2016 at 11:50 am

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DoP starts logo contest for payments bank with Rs 50k prize

DoP starts logo contest for payments bank with Rs 50k prize

The Department of Posts today started a contest inviting logo design and tagline for its payments bank from the public with a prize money of Rs 50,000 for the winner.

“The Department of Posts on June 10, 2016, launched a logo and tagline design contest for the soon to be set up India Post Payments Bank on the MyGov website. The contest is open to all Indian citizens, institutions, agencies and entities for one month until July 9, 2016,” the Postal Department said in a statement.

The Union Cabinet on Wednesday cleared proposal to set up India Post Payments Bank (IPPB) with a corpus of Rs 800 crore and a plan for 650 branches operational by September 2017. It will be expanded further to cover the entire country by the end of 2018-19.

“The best entry will be awarded Rs 50,000. A panel of eminent designers and experts will help shortlist 20 best entries which will thereafter be put up for voting on the MyGov platform for the final selection of the winner,” the statement said.

The government has earlier accepted new sign of the rupee and the Swachh Bharat logo from public contests.

The department said it wants to connect with and involve the people of India in designing “the DNA” of the India Post Payments Bank.

“One of the guiding principles of the India Post Payments Bank would be co-creating value propositions and products with its customers and other stakeholders. The present contest is the first step towards this ongoing engagement. It has also initiated a nationwide survey to understand the needs of different segments of customers,” the statement said.

The India Post Payments Bank (IPPB) will offer digitally enabled payments, banking and remittance services of all kinds between entities and individuals and also provide access to insurance, mutual funds, pension and credit products in partnership with third-party financial service providers and banks.

Initially most of the 3.5 lakh workforce will be posted on deputation who will be gradually be replaced by fresh recruits.

Telecom Minister Ravi Shankar Prasad has asked the Postal Department to hire an MD and CEO of the IPPB by August and set up a selection committee for hiring a chief financial officer by June 15.

Source: BS

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