Believe it, this payment bank in India is having 34 Crore customers with them including 17 crores saving account holders and rest are term deposit holders. We are talking about Indian Postal Payment Bank (IPPB). Prime Minister of India Sri Narendra Modi is going to launch payment bank officially on 21st of August this year.
With this launch, IPPB has permission to link around 17 crore postal savings bank (PSB) account with its account.
IPPB will surpass the India’s largest bank State Bank of India (SBI). SBI is currently India’s largest bank has around 29,000 branches, and 59,000 ATMs. IPPB network has 1,55,000 branches across the country, of which about 1,39,040 are in rural areas.
IPPB is providing all the digital banking services, remittance services etc to their customer.