City Reports

165 post offices in Rajasthan to also function as ‘Postal Payment Banks’ from today

Postal Payment Bank was supposed to start from August 21 but the project got delay. It is finally being launched on Sunday. People in rural areas will be able to use post offices for the digital banking and financial facilities, transfer of funds through mobile application, RTGS\ NEFT and IMPS transactions, distribution of pension, subsidy and much more.

| Updated:
September 1, 2018 10:33 am
Post office

Jaipur: The much-awaited service of Postal Payment Bank (IPPB) has been launched in 165 post offices of Rajasthan on Saturday. Besides delivering mails, postmen will now also transfer money. General Post Office (GPO) of Jaipur has been included under the pilot project for now.

The inauguration ceremony to mark the launch of the project in Rajasthan will be held at Birla Auditorium in Jaipur. Minister of State for Information and Broadcasting, Rajyavardhan Singh Rathore will be the guest of honour along with Rajasthan BJP president Madanlal Saini.

The main inauguration ceremony will take place at Delhi in the presence of Prime Minister Narendra Modi.

Postal Payment Bank was supposed to start from August 21 but the project got delay. It is finally being launched on Sunday. People in rural areas will be able to use post offices for the digital banking and financial facilities, transfer of funds through mobile application, RTGS\ NEFT and IMPS transactions, distribution of pension, subsidy and much more.

The government plans to set up Postal Payment Bank services in 10309 post offices in Rajasthan by the end of December. All postmasters and department’s employees have been given the target to open 11 Lakh bank accounts in 100 days under the scheme.

Post offices in Rajasthan that have once been instrumental in delivering mails have now been converted into a banking and money transfer service. People will be able to transfer cash deposits and payments from post offices.

Anyone can open their account in IPPB with a deposit of just Rs.100. They will get an interest rate of 5.5 percent on their savings. The interest rate is higher than any bank in the state. The maximum cash limit of the account will be Rs 1 Lakh.

First published: September 1, 2018
Subscribe to WhatsApp updates for Jaipur News