India Post Payment Banks (IPPB) to come up in 12 districts under Trichy region by September, 2018

IPPB

A total of 12 India Post payment banks would come up in the 12 districts under Trichy postal division including two in the district before September this year, the director of postal services, central region, A Thomas Lourduraj has said. He also revealed that the region had seen a growth of 8.87 per cent during 2017-18 compared to the previous year in overall business.

According to him, 37 payment banks would be established across the state. In an effort to provide banking services to the people, particularly in rural areas, the Union government had announced the establishment of 650 payment banks. He was speaking at a function to declare open the Trichy postal division’s migration to Core System Integration platform. The head post offices, sub-post offices and branch offices would be linked to the payment banks. The banks would provide banking services like savings accounts, payment and remittance services. However, they would not offer loans or credit cards, they said.

ATMs have been established at 24 centres in Trichy region including two in Trichy. In 2017-18, a total of 83,000 applications were received for Selvamagal Savings Scheme from which the postal department had realised Rs 436 crore across the region. They had received 8,168 applications under the postal insurance scheme and collected Rs 92.45 crore as premium during 2017-18. In the case of rural postal insurance, Trichy region received 40,509 applications and Rs 119.41 crore by way of premium, officials said.