Telangana residents will be benefited from April 2018 with India Post confirming the delivery of doorstep banking solutions from this month. The India Post Payments Bank or IPPB is a venture from the Department of Posts and will offer several services to customers at their doorsteps including banking services. The IPPB will be launched with 23 branches in the state of Telangana and the Siddipet Head Office and Hyderabad GPO will be initiating operations from this month onwards. Account holders at IPPB (current and savings accounts) can choose mobile and internet banking solutions, withdrawals and biometric cash deposits from their doorsteps.
Direct benefit transfer, bill payment, remittances, mutual fund, insurance and loan disbursal from other banks via third-party alliances will also be coming up soon. Physical ATM cards will not be offered to IPPB customers and there will be QR cards issued instead. These will have bar codes for transactions and there will be virtual debit cards available through IPPB’s mobile banking app. Existing account holders at IPPB will have to provide consent before being migrated to the payments bank.
IPPB staff has been allocated for these new branches and there will be a minimum of 6 people deployed across each branch. The personnel for these branches have already undergone orientation prior to services being launched sometime this month. The other branches will be located at Jangaon, Adilabad, Karimnagar, Bhongir, Kamareddy, Gandhi Chowk, Nalgonda, Mancherial, Mahbubnagar, Nizamabad, Nagarkurnool, Medak, Sangareddy, Peddapalli, Mahabubabad, Hanamkonda, Wanaparthy, Huzurnagar, Sircilla, Nirmal and Vikarabad.