IndiaPost expects to start the first 50 branches of its payments bank by May 2017, seeking to widen financial inclusion in the country.
As per the current plan, India Post Payments Bank (IPPB) – as it has been termed – will eventually have 650 branches across the country. While the first set of branches will open by May, the remaining will start operations by September 2017, a top official of the Department of Posts said. The department hopes to submit a final proposal to the Reserve Bank of India by February, ahead of the March 2017 deadline, after it has the required management and technology in place, SK Sinha, secretary, Department of Posts, told ET. IndiaPost, with a network of about 155,000 post offices, will hire almost 2,000 people for the payments bank operations.