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India Post Payments Bank (IPPB) has said that it has kicked off its operations by rolling out pilot services in Raipur and Ranchi. Commenting on the issue, IPPB Chief Executive Officer A P Singh told the media, “The bank will offer an interest rate of 4.5 per cent on deposits up to Rs 25,000; 5 per cent on deposits of Rs 25,000-50,000 and 5.5 per cent on Rs 50,000-1,00,000.”
“The paid up equity of the new bank is Rs 800 crore, of which the government has already infused Rs 275 crore,” he added. "The idea is to have a branch in every district and make 3 lakh postmen come alive in payment bank function," he said. Also 1,000 ATMs of India Post will be transferred to IPPB, Singh added.