FMI ASSIGNMENT

POST OFFICE BANKS

 India Post Payments Bank, abbreviated as IPPB, is a division of India Post which is under
the ownership of the Department of Post, a department under Ministry of
Communications of the Government of India. Opened in 2018, as of January 2022, the
bank has more than 6 crore customers.

 On 19 August 2015, the India Post received licence to run a payments bank from
the Reserve Bank of India. On 17 August 2016, it was registered as a public limited
government company for setting up a payments bank. IPPB is operating with
the Department of Posts under Ministry of Communications.

 The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi.[1] In
August 2018, the Union Cabinet approved a cost of ₹1,435 crore (US$180 million) for
setting up the bank. The first phase of the bank with 650 branches and 3,250 post offices
as access points was inaugurated on 1 September 2018.

 Over ten thousand postmen have been roped into the first phase. By September 2020, the
bank had acquired about 3.5 crore customers. The bank had acquired about 4 crore
customers by December 2020. In January 2022, India Post Payments Bank has crossed 5
crore customer’s mark.

 MERCHANT BENEFITS

 COST EFFECTIVE: - No charges for downloading, registering and accepting digital

payments.

 EASY PAYMENT MANAGEMENT: - Use IPPB’s innovative merchant app which can
be easily downloaded into your smartphone.

 SIMPLE AND SECURE: - Accept Digital Payments from your customers.

 DOORSTEP BANKING: - Get cash management services at your doorstep.

  INSTANT INFORMATION: - Accept your accounts statements and reports at any time.

 TRACK YOUR BUSINESS: - Build a transaction history that enables you to build a
good credit score.

 DRIVE A DIGITAL ECOSYSTEM: - Avoid hassles of managing loose cash, small

change, counterfeit notes or solid notes.

 SERVICES: -

IPPB aims to utilize all of India's 1,55,015 post offices as access points and 3 lakh postal
postmen and Grameen Dak Sewak’s to provide doorstep banking services. IPPB offers
savings accounts, money transfer and insurances through the third parties, bill and utility
payments.

The bank also provides features like:

 Account: The bank offers savings and current accounts up to a balance of ₹2 Lakh.

 QR Card: Customers can use QR code payments eliminating the need to remember
account numbers, PINs and passwords.

 Unified Payments Interface

 Immediate Payment Service

 National Electronic Funds Transfer

 Real-time gross settlement

 Bharat BillPay

 Direct Benefit Transfer

 Rupay Debit Card

 AEPS (Aadhaar Enabled Payment Service)

IPPB has been allowed to link around 17 crore postal savings bank (PSB) accounts with its
accounts.

NAME: - LAKSHYA NAHAR

ENROLLMENT NO.: - 12714901721
BBA IV- C