About this stamp
A Bank at the Post Office
India Post issued this ₹5 stamp on 30 January 2017 for the India Post Payments Bank (IPPB), set up by the Department of Posts to bring banking to people the banks had left out. It was formed as a public limited company wholly owned by the government, under the Department of Posts.
What It Offers
As a payments bank licensed by the Reserve Bank of India, IPPB offers payments of all kinds, including social security payments, bill payments and remittances at home and abroad; current and savings accounts with balances of up to ₹1 lakh; and the distribution of insurance, mutual funds and pensions, acting for other banks on credit products in rural areas. The brochure planned about 650 branches at district headquarters, with all 1.55 lakh post offices, 1.39 lakh of them rural, as access points.
Banking at the Doorstep
Postmen and Gramin Dak Sevaks would take its internet and mobile banking, digital wallets and other services to people’s doors. Its motto: “No customer is too small, no transaction too insignificant, and no deposit too little.”
The stamp was designed by Sankha Samanta; Security Printing Press, Hyderabad printed 300,000.
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