Goans will have access to doorstep banking with the assistance of postman as the India Post Payments Bank is set be launched on Saturday in the state and rest of the country.
Postmen will be equipped with smart phones, biometric device and QR cards which will eliminate the need for accountholders to remember account number and PIN.
There will be no need for customers to leave their home for transactions.
“The India Post Payments Bank is expected to be a boon to senior citizens and housewives who are unable to travel, as money will be delivered at the doorstep to customers wishing to make withdrawal,” postmaster general, Goa region, N Vinodkumar said on Friday.
He said that about 2,000 payment bank accounts have already been opened in the state during the trial run period.
Opening an account is going to be very easy in the IPPB with no paperwork and requiring just the Aadhaar card.
There is also no minimum balance to be maintained.
The aim of the IPPB is to spearhead financial inclusion by removing the barriers for the unbanked. It is estimated that about 20 crore of the Indians still lack access to formal banking.
“There are still many people in the state who don’t have a bank account,” Vinodkumar said.
Prime Minister Narendra Modi will launch the bank nationwide at 2.30 pm.
There will be simultaneous launch in 650 post offices across the country.
In Goa the launch will be simultaneously held in six branches and 30 access points in post offices.
Governor Mridula Sinha will inaugurate the Panaji IPPB branch at the Menezes Braganza hall, while South Goa MP Narendra Sawaikar will launch the Margao branch at the Gomant Vidya Niketan.
“The remaining 257 post offices in the state will also act as access points of the IPPB by December 31 2018,” Vinodkumar said adding that about 700 postmen will move around with smart phones in the state once the India Post Payments Bank becomes fully functional by the year-end.
“Postmen have been trained in handling the payment bank work, and the only challenge is connectivity,’ said the postmaster general, promising a smooth rollout.
The bank proposal was mooted in 2014 by the Nachiket Mor committee set up by the RBI.
The committee’s recommendation was for payment banks that would not offer credit (loan) and would therefore be safe from the problem of non-performing assets faced by regular banks.
Accountholders can deposit maximum Rs 1 lakh in the IPPB account with deposits earning 4 per cent rate of interest.
They can use the bank QR card to pay electricity bills and also make payment to merchants partnering with the IPPB.
At the media briefing, the postmaster general was accompanied by O P Rakesh, senior manager, IPPB, Margao branch; Archana Gopinath, senior superintendent of post office, Goa region, and Chetankumar, manager, IPPB, Panaji.