Starting 1-Sept, the Shastri Circle Post office will also start functioning as India Post Payments Bank (IPPB).

IPPBs will be launched nationwide by PM Narendra Modi on 1-Sept. The objective is to have atleast one branch of IPPB in every district with the focus on providing financial services in rural areas.

Besides Shastri Circle, within the Udaipur division, Kankroli Post office will also start serving as India Post Payments Bank.

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IPPBs will ride upon 1.55 lakh post office branches in the country. This will help in creating largest banking network in country with reach at village level.

Postal payment bank will be allowed to offer RTGS, NEFT and IMPS transactions. They will also be used for distributing NREGA wages, subsidies and pensions.