ADDC Bandipora reviews functioning of IPP Banks

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A review meeting was held by Additional District Development Commissioner Mohammad Qasim, regarding the functioning of newly established Indian Post Payment (IPP) Banks in Bandipora.

The meeting was informed that during the first phase, four access points of IPP banks were established at Bandipora town, Nadihal, Onagam and Bankoot.

During the meeting threadbare discussions were held for the successful functioning of the Indian Post Payment Banks in the district.

Superintendent of Post Offices said that IPP Banks offer 4% interest on saving accounts, with a maximum deposit scheme of rupees one lakh. He said that IPP Banking is a trusted banking for the common man, operating on QR cards.

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ADDC directed the officers of the Indian Posts Office to depute expert officials to various departments for spreading the financial inclusion agenda by removing the barriers for the unbanked and under-banked population.

The meeting was attended by the Superintendent of the Post Offices for Bandipora Vijay Kumar, Officers of agriculture, horticulture, labour and employment and other departments.