New Delhi: All the 1.55 lakh post offices (POs) in the country would be linked to the India Post Payments Bank (IPPB) system by December 31, 2018, communications minister Manoj Sinha said Wednesday.
The India Post Payments Bank is scheduled to be launched nation-wide September 1. “On the day of the launch, IPPB would have 650 branches and 3,250 access points spread across the country,” the minister told reporters.
By the end of 2018, the number of access points would increase to 1.55 lakh, of which 1.30 lakh branches would be in rural areas, Sinha said. Further, account holders of the Post Office Savings Bank would also be able to avail IPPB services by linking their accounts, he added.
The account holders in the payments bank would be provided a QR card and they can authorise transactions with the card and their biometrics, he added. Meanwhile, the Union cabinet Wednesday approved revision of the project outlay for setting up of the payments bank from Rs 800 crore to Rs 1,435 crore.
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