`We are looking at two way linkages. We are also helping IPPB customers open an India Post account so that he can deposit excess funds over Rs one lakh in the post office savings account” said Suresh Sethi, MD and CEO of the bank. “We will be allowing the existing India post savings bank account holder- who is now outside the formal banking purview- to link his account with the IBBP, which will allow them to access to a bouquet banking and payment services across the country.” The bank has already obtained the necessary regulatory approvals for the same, according to Sethi. These accounts will however not be a part of IBBP balance sheet.
As a payments bank RBI allows IPPB to operate out of either a branch offices or access points which are essentially access points. But IPPB will be operating through access point. “We are going to set up branch offices located post office premises more as controlling offices maned by IPPB staff who will be governing and supervision” Sethi said IPPB will have branches at 650 locations across the country, providing services at 3250 access points at the post office level and 11000 people providing door step services. “Two critical approvals- IT readiness approval and branch expansion approval- are already cleared”, Sethi said.
But IPPB has still not announced a definite date for commercial launch. It is expected that prime minister Narendra Modi is expected to announce the commercial launch. “All 650 branches of IPPB are expected to be launched by April, 2018” minister of State for communication Manoj Sinha had said in a written reply to Lok Sabha in January this year. IPPB has launched two pilot branches at Raipur (Chhattisgarh) and Ranchi (Jharkhand) in January 2017, according to the communication minister’s written reply. IPPB is incorporated on 17.08.2016 under Companies Act, 2013 as a public limited company with 100% government of India equity under department of Posts in August 2016. RBI granted licence to carry on Payments Bank activities on January 2017.