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India Post Payments Bank launched

Prime minister Narendra Modi launched the India Post Payments Bank (IPPB). The bank will start operations with 3250 access points in 650 districts across the nation. The prime minister said the bank reach rural and far-flung areas of the country, delivering banking services to the doorstep of every Indian. The postman who used to deliver letters has now become a mobile bank too, Modi said. This will be the first phase of the operations of the bank, during which period, it will utilize the extensive network of India Post to become the largest banking service provider in the country. It will operate on a smaller scale without involving any credit risks – accepting deposits of up to Rs 100,000, offering remittance services, mobile payments, transfers or purchases, along with other banking services like ATM and debit cards, net banking, and third-party fund transfers. It will offer 4% interest rate on savings accounts. The bank is making use of technology platforms to offer door-to-door banking and is using Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments.

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