51 post offices in TS, AP to be payments bank branches

51 post offices in TS, AP to be payments bank branches

Hyderabad: A total of 51 Post Offices (POs) in Telangana State and Andhra Pradesh have been identified for functioning as payments bank branches, providing a slew of services, including distribution of financial products. These offices - 34 in Andhra Pradesh and 17 in Telangana - will operate as branches of India Post Payments Bank (IPPB). 

IPPB came into existence after it received certificate of incorporation from the Registrar of Companies, setting the stage for the new bank to start operations in 2017. Similarly, 17 POs have been identified for IPPB branches in Telangana. Of these, Hyderabad GPO will be operational as IPPB branch by March 2017 and remaining 16 by September 2017, Rai said.

The benefits of IPPB include doorstep banking through postmen and Grameen Dak Sewaks, distribution of third party financial products like loans, insurance, pension products, mutual funds, international and domestic remittances, payment of utility bills, municipal dues, fees, government payments, taxes, DBT and MNREGA disbursements, among others.

"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 marginalised sections rural areas," Rai added.