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RETAIL BANKING | Staff Reporter, India

India Post Payments Bank launches new service for unbanked customers

It can now served the nearly 410 million Jan Dhan account holders.

India Post Payments Bank (IPPB) has partnered with payment processor and products provider Financial Software Systems (FSS) for its banking services, according to a press release.

IPPB will make use of FSS’ Aadhaar Enabled Payment System to offer banking services to local unbanked customers. With this, the bank now has the ability to serve nearly 410 million Jan Dhan account holders.

Together with IPPB’s network of over 136,000 post offices and 300,000 postal workers, the lender now has the ability to serve all customer segments in India.

To use the service, customers of any bank can access their Aadhaar-linked bank account by simply using their fingerprint for cash withdrawal, balance enquiry, and transfer of funds into an operating IPPB account, right at their doorstep.

The Pradhan Mantri Jan Dhan Yojana was launched by the Indian government as part of its bid to make financial services more affordable to citizens.  

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