India Post Payments Bank to offer loans, MFs and insurance through third party affiliations
As reported by PTI, the Indian Post Payments Bank (IPPB) will now team with banks and other financial institutions to offer loans, mutual funds and insurance policies to its customers. According to the official sources, the IPPB, as of now, will sell a few products, including loans, of Punjab National Bank and insurance policies of Bajaj Allianz. On 21st August, the PM of India, Narendra Modi, will launch Indian Post Payments Bank with 650 branches across the country. All post office branches will be linked to IPPB so that the offerings reach in every corner of the country. Two branches of IPPB are already operating on trial basis in Ranchi and Raipur. To create awareness about its banking and financial services, campaigns will be run especially in rural areas. Doorstep banking services will also be provided but it will chargeable.