The foray into banking by Department of Posts through the launch of India Post Payments Bank (IPPB) has been widely welcomed. The move has been very helpful to customers based in rural areas as also facilitating easy banking process to urban customers. Further the bank’s online registration process mandates only single account holders to enroll and enjoy the benefits of app-based banking facility. While otherwise, the facility of IPPB mobile app-based banking is not extended to the customers holding a joint account under its savings scheme. Due to such limitations, the joint account holders can only avail the facility of internet banking services but without enjoying the benefit of IPPB’s app-based mobile banking facility (both of which can be interlinked).
Thus there is now an urgent need to enable the facility of app-based mobile banking to the customers with joint accounts under savings scheme also. The joint account holders presently need to mandatorily visit the post office branch to carry out financial and banking transactions, which is a manual process. The suggested move by RBI and India Post/IPPB will thus enable seamless access to the customer’s banking accounts through app-based mobile banking, and thus encourage the customers to use the facility of online banking extensively. It will further help ensure these institutions to inch much closer to achieve the goal of financial inclusion too.