How to open India Post Payments Bank saving account in online | IPPB Digital account | Star online

How to open India Post Payments Bank saving account in online | IPPB | Star online

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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. In August 2018, the Union Cabinet approved a cost of ₹1,435 crore (US$200 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.

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