DHARWAD: The India Post Payment Bank launched in Dharwad branch today at Veerendra Heggade Kalakshetra located at Sattur near Dharwad.
MP Prahlad Joshi inaugurated the bank, while MLA Jagadish Shettar, Arvind Bellad and V Jeevandhar Kumar were the other guests.
What is IPPB?
The India Post Payments Bank (IPPB) will be like any other banks but its operations will be on a smaller scale. It will will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.
The IPPB will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments.
It will offer 4 per cent interest rate on savings accounts. The IPPB has teamed up with financial services providers like the PNB and Bajaj Allianz Life Insurance for third-party products like loans and insurance.