December 30, 2016
Kalaivaraikalai
IPPB will leverage the physical and IT infrastructure of the Post office
and be set up on a lean operating model. It will focus on low-cost,
low-risk, technology based solutions to extend access to formal banking.
Products and Services of IPPB
1. IPPB Payment Services
IPPB will provide the benefits of payments and remittances to the
customers, by adopting newer, efficient processes and technologies such
as mobile based payments, digital wallets and innovative payment and
remittance products that are continuously emerging in the market today.
Combined with doorstep cash payment options like traditional money
orders, IPPB will differentiate itself from the other players while
comparing well with all other benefits offered by competitors.
IPPB will drive the benefits of financial inclusion by bringing a host
of financial products to suit the needs of different strata of society
with special focus on the marginalized sections and citizens in rural
areas. In so doing it will also provide the following proposed
services:
- Direct Benefits transfer (DBT) of social security payments of various Ministries.
- Utility bill payments for electricity, water, telephone, gas etc.
- Facilitate payments of various Central and State Govt& Municipal dues, taxes and fees/taxes of various Universities/ educational institution.
- Person to person remittances both domestic and cross-border. Special focus will be on providing, economical, safe and convenient money transfer facilities to migrant labourers, NRIs remitting money to relatives, institutions etc.
- Demand Deposits (Current account and Savings Account)- with special focus on MSMEs, small entrepreneurs, village panchayats & SHGs.
- Distribution of third party financial products such as Insurance (health & general), mutual funds and pension products.
- Access to formal credit products by acting as BCs of banks & MFIs.
Product innovation will be a continuous exercise to expand the bouquet
of services adapting to the evolving needs of its customers and the
rapid advancements in communication and payments technologies.
2. IPPB Banking Services
Apart from savings account with up to INR 1,00,000 in deposit, the
products offered by IPPB are different from POSB products. POSB savings
accounts do not have any limit unlike payments bank savings account. On
the other hand, payments banks, can offer current accounts for use by
businesses and institutions whereas POSB does not offer these accounts.
Other kinds of deposits under POSB are unique to it and will not be on
offer by the payments bank. The purpose of the savings accounts and
current accounts of IPPB is to facilitate flow of money and payments of
different kinds from Government to Citizen, Citizen to Government,
Citizen to Citizen, Citizen to Businesses and Businesses to Citizens
whereas the POSB accounts are mainly savings instruments.
Apart from the existing customers of the DoP, IPPB will focus on the
underbanked and unbanked population in different parts of the country.
It will also try to target services for MSMEs, senior citizens,
students, migrant population, low income households, unorganized sector
and other groups with special service requirements. In addition to its
own products, the payments bank will partner with third parties to offer
a wide range of financial and banking services to cater to the needs of
its target segments.
The customers will have the choice of the amount they want to leave in
their IPPB account at any point of time and they will earn interest on
their money in these accounts also. They would be able to channel money
from their IPPB accounts to any of the POSB schemes. For example, an
IPPB customer will be able to use money in his account to open and
service a RD/ TD/ SSY or any other POSB account. Thus, both IPPB and
POSB can synergistically serve the customers.
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