What services are available?
Initially it is intended to provide services like checking account balance and opening a new bank account. India Post Payment Bank was launched in 2018. The institution is under the control of the Central Government. The work is under the postal section.
During the first 60 days, services will be available on a trial basis, check the balance, accept applications for opening new accounts, and change PIN numbers and passwords. A select few customers will get the facility of withdrawing money, depositing money, Aadhaar-to-Aadhaar transfer, updating PAN card and Aadhaar card and managing account beneficiaries on a trial basis.
Providing such services in rural areas remains a challenge. Priority is given to avoiding fraudulent interference in transactions. Government sources said it was important that no one other than the real consumer had the right to withdraw money.
Future post office facilities through WhatsApp
There are reports that the central government is planning to launch the services of the Indian Postal Service in collaboration with WhatsApp in the future. Once this is done, you will have the facility to send courier, open salary, savings and current accounts and doorstep payroll using WhatsApp.
The government is also considering whether other financial services could be provided as a follow-up to the pilot project. It plans to offer PPF payments, loans based on recurring deposits and insurance through WhatsApp.
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