Important Information about IPPB – You have to know

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A Short & Inormative note about India Post Payment Bank to know everyone – Must Read at Once…..

Important Information About IPPB – You Have To Know
Important Information About IPPB – You Have To Know
1. The Administrative unit (comprising of Senr/chief/Branch/Area/Territory ) purely from IPPB (Directly recruited & deputed from DOP) and there will be 650 branches (selected HOs) for IPPB.
2. The operative work will be carried out by the officials working in the 1.55 POs (810 HOs+24,750SOs+1,30,000BOs).
3. For Desktop IPPB operation (Postal Asst) one exclusive Finacle version is separately prepared.
3 .For doorstep banking through Delivery staffs (Postman /GDS MD) a simplified Smart phone APP is available along with finger print scanner and mini printer.
4. All the IPPB transactions(Account opening/Deposit/withdrawals) are paperless.
ie.
  • NO Account opening form NO passbook 
  • NO pay in slip 
  • NO wdl form
5. There will be no ATM card but QR (Quick response )Cards for IPPB acc.
6. Only 2 own products (Savings & Current accounts) are served by IPPB but there is no limit for the no of 3rd party products.
7. At the end of day, the total balance of both the accounts(saving &current ) should not exceed Rs 1,00,000 combined.

8. The delivery staffs has to use micro ATMs which is nothing but Smart phone with IPPB app. In the case of postman, the POSTMAN app may be installed in the IPPB smart phone.

9. The amount in IPPB can be used for Bills payments /money remittance /fund transfer to POSB account & other bank Access like NEFT/RTGS/etc.
10. The subsidies will be credited in the concerned IPPB account.
11. The DOP has to provide Offfice space,electric point,network and of course its staff for the 100%operative work for IPPB.
12. The IPPB will provide Incentive to both the delivery staff and the DOP but only a mere amt.
13. AADHAAR will be a mandatory document for opening IPPB account.
14. There is no provision for messenger as the depositor has to record his finger print impression for each and every transaction.
15. AML/CFT norms should be strictly followed.
16. Most probably there won’t much role of supervisor in IPPB.
17. The Regulating authorities for IPPB are PBI (DOP) and the RBI.
18. The end user transaction for around 5 days per batch may commence from 16th April.
19. Last but not least, of course there is target for both account opening /transaction.

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