Lok Sabha Question No. 2432 (UNSTARRED), answered on 2018-12-26
Subject: India Post Payments Bank
Ministry: COMMUNICATIONS
Asked by: ELUMALAI VELLAIGOUNDER

## GOVERNMENT OF INDIA MINISTRY OF COMMUNICATIONS DEPARTMENT OF POSTS

## LOK  SABHA UNSTARRED QUESTION NO.2432 TO BE ANSWERED ON 26 TH  DECEMBER, 2018

## INDIA POST PAYMENTS BANK

## 2432. SHRI V. ELUMALAI:

Will the Minister of COMMUNICATIONS be pleased to state:

- (a) whether the India Post Payments Bank (IPPB) will leverage the strength of 3 lakh postmen, and grameen dak sewaks to offer doorstep banking services and if so, the details thereof;
- (b) whether there is a limit of Rs. 1 lakh deposit in a payments bank account and the linkage  will  transfer  any  excess  amount  into  the  postal  savings  account  of  the  same subscriber and if so, the details thereof;
- (c) whether  the  Dak  sewaks  will  be  equipped  with  smartphones  and  biometric readers to enable them to facilitate transactions using a QR code that will be issued to all customers; and
- (d) if so, the details thereof?

## ANSWER

## THE MINISTER OF STATE (IC) OF THE MINISTRY OF COMMUNICATIONS & MINISTER OF STATE IN THE MINISTRY OF RAILWAYS (SHRI MANOJ SINHA)

- (a) Yes  Madam,  India  Post  Payments  Bank  (IPPB)  will  leverage  Department  of Posts (DoP) physical infrastructure and human resources which includes approximately 3 lakh Postmen and Grameen Dak Sevaks (GDS) for a cost effective operating model. The  Postmen  and  GDS  will  provide  doorstep  banking  services  of  IPPB  including opening of accounts, cash deposits, withdrawals, fund transfer, bill payments and other services.

(b) Yes Madam, as per the guidelines issued by Reserve Bank of India (RBI), Payments Bank will  be  restricted  to  holding  an  inter  day  maximum  balance  of  Rs  one  lakh  per individual customer.

IPPB has integrated with Post Office Savings Accounts (POSA) to transfer the funds in excess of one lakh at the end of the day to the linked POSA account with the consent  of  the  customer  after  linking  their  IPPB  account  with  POSA  account  as  per prescribed  procedure.  The  integration  also  allows  the  existing  Post  Office  Savings Account  holders  to  sweep  funds  from  POSA  to  IPPB  account    and  vice  versa

seamlessly  to  enjoy  a  host  of  interoperable  services  such  as  money  transfers,  bill Payments,  merchant  payments,  payment  of  Post  Office  Savings  Schemes  and  thirdparty products like insurance, loans and mutual funds.

(c) & (d)   Yes Madam, Each Postman and Grameen Dak Sevak will be equipped with a Smartphone,  Network  SIM  and  a  biometric  device.  The  Quick  Response  (QR)  Card provided to IPPB customers contains the customer account number embedded, both as QR Code and a Bar Code. Hence, IPPB customers will no longer need to remember their account number. For Postmen and GDS, it reduces the chances of manual errors while  entering  customer details as IPPB Agent App is equipped with the capability to read  the  QR  Code  and  fetch  customer  details  embedded  in  the  card.  Once  the customer authenticates, they can do all kinds of transactions, like deposits, withdrawals, money transfers or bill payments etc.

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