Indian financial inclusion space is undergoing a major shift with the new model of Payments Banks being enabled by the Reserve Bank of India to bring formal banking closer to the rural households. Department of Posts (DoP) received the license to set up India Post Payments Bank (IPPB) as a public limited company with 100% Government equity. DoP plans to rollout 650 IPPB branches covering almost all districts of India by September 2017.
DoP plans to launch 50 branches before 31st March 2017 and 650 branches at head post offices by September 2017. These initial set of branches will act as hubs for smaller outlets to be established in approximately 24,000 sub offices and about 1.2 lakh branch offices of DoP.
CDFI is assisting DoP in the establishment of its payments bank by providing advisory support and expertise in the domains of regulatory compliance, payments and banking technology, strategic partnerships, product design etc.
DoP is identifying head post offices and sub post offices spread across the country to house the IPPB branches. A series of implementation activities need to be carried out at these identified branches including survey, fund allocation, civil, electrical, plumbing, hardware deployment, software applications, recruitment, training, etc. in a time bound manner. Considering the spread of the implementation landscape of IPPB across the country a dashboard on the current implementation status is necessary for real time assessment of implementation plan. CDFI is developing a tool which can facilitate almost real time information on the various activities related to branch establishment being carried out at identified locations.