State-owned Punjab National Bank (PNB) today said it will provide technology platform for pilot launch of India Post Payments Bank (IPPB).
The memorandum of understanding (MoU) in this regard was signed between PNB and IPPB yesterday.
As per the agreement, PNB shall provide technology platform for pilot launch of IPPB on receipt of regulatory approval from Reserve Bank of India, the bank said in a regulatory filing to stock exchanges.
IPPB last year received certificate of incorporation from the Registrar of Companies, setting the stage for the new bank to begin operations during 2017.
The bank will be headquartered in New Delhi and plans to launch 650 branches across the country during the year. The first PSU under the Department of Posts, IPPB expects to complete the rollout of its branches all over the country by September 2017.
IPPB aims to become the most accessible bank in the world, riding on advanced banking and payments technology.
Coupled with physical presence across 1.55 lakh post offices and the reach of the postman, it plans to become a powerful and effective vehicle of real financial inclusion in the country.
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