Question

Which scheme supports financial services through postmen?

• A. NSAP
• B. IPPB
• C. PMJAY
• D. PRAGATI

Answer 1

Answer:

B. IPPB

India Post Payments Bank (IPPB)

• IPPB is a Government of India owned entity and operates under the Department of Posts.
• It was launched on September 1, 2018, by the Prime Minister of India.
• IPPB aims to provide accessible, affordable, and trustworthy banking and financial services to every citizen of India.
• The unique aspect of IPPB is its extensive reach through the post office network across the country.
• Postmen and Gramin Dak Sevaks (GDS) are trained to act as banking agents, offering doorstep banking services.
• Services offered include:
1. Account opening (savings and current accounts)
2. Cash deposits and withdrawals
3. Fund transfers
4. Bill payments
5. Direct Benefit Transfer (DBT)
6. Life Insurance and other financial products.
• IPPB leverages technology, including biometrics and mobile banking, to ensure secure and efficient service delivery.
• It plays a crucial role in promoting financial inclusion, especially in rural and remote areas of India.
• The bank operates on a full-KYC (Know Your Customer) model.
• It is a scheduled payment bank licensed by the Reserve Bank of India (RBI).