The India Post Payments Bank (IPPB) is a public sector company under the department of posts and ministry of communication with a 100 per cent equity of the government of India, and governed by the Reserve Bank of India (RBI).
How it will function:
It will focus on providing banking and financial services to people in rural areas, by linking all the 1.55 lakh post office branches (that’s nearly 2.5 times the bank network) with India Post Payments Bank services by the end of 2018. Around 11,000 postmen both in rural and urban areas will provide doorstep banking services.
