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India Post Payments Bank to open more branches

India Post Payments Bank will open 650 branches in 2017-18, says B.V. Sudhakar, secretary, department of posts. He said the first two branches have been opened in January 2017 in Ranchi and Raipur. More branches would be opened across the country based on at least one branch per district, he said adding each branch will be networked with about 1200 to 1500 post offices in a district. He also mentioned that technology will play a major role in the expansion. The department of posts has some 978 ATMs as of now and the payments bank would add more ATMs in cooperation with other banks, he said mentioning by December 2017, the department will integrate core system software including core banking, postal operations and savings bank. He also added that the focus of the payment bank will be on door-step banking.

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