Prime Minister Narendra Modi on Saturday launched the India Post Payments Bank to ensure speedy financial inclusion for people across the country with the leverage of a vast network of the postal department, just as Governor Mridula Sinha launched the Panaji branch and South Goa MP Narendra Sawaikar inaugurated the Margao branch of the IPPB at two different functions in the respective cities.
In addition, 10 IPPB access points also became operational in the state.
Speaking of the occasion at a function held at the Institute Menezes Braganza hall, the Governor said that this is festive day with a positive revolution taking place in the country’s postal sector.
“It is the vision of the Prime Minister, which is now utilising more than three lakh postmen and post-women, who were on the verge of getting redundant in the digital era,” she stated, adding that the IPPB will be very much beneficial to those, whose houses are located in deep interiors of the country.
The Governor also expressed happiness that the ‘gramin dak sevaks’, who are presently getting paid Rs 2,295 per month, will henceforth receive Rs 10,000.
Speaking as the guest of honour, Rajya Sabha member Vinay Tendulkar said the postal department has come long way from the days of money order, and the IPPB will largely help the underprivileged.
Postmaster general, Goa region, N Vinodkumar, in his speech said that by December 2018, all 258 post offices in Goa will have IPPB access points, with postmen moving around with smart devices.
“The Indian Post will now have physical network supported by the digital edge,” he noted, maintaining that in Goa, the postal service started in 1844, and since then the post as well as postmen have become inseparable from the society.
Senior superintendent of post offices in Goa, Archana Gopinath stated that presently vast population is not covered by formal banking, and hence the Indian Post is setting its own payment bank for financial inclusion of ‘underbanked’ or unbanked population.
“This population would be provided with banking services at their doorstep through the IPPB,” she noted, pointing out that the Panaji branch of the IPPB will be most accessible, affordable, approachable and trusted bank.
The IPPB will offer a range of products such as current and savings accounts up to a balance of Rs 1 lakh, money transfer, direct benefit transfers, social security payments, bill and utility payments, distribution of insurance, mutual funds, pension products and so on.