According to a news report released by the Indian Post Payments Bank, IPPB has resolved to extend its financial services arm by introducing more number of mutual funds and insurance products of third party companies by March 2018. It further said that these products and services would only be offered through non-exclusive tie-ups.
With the IPPB making this announcement inviting the companies to make tie-ups with it for selling mutual funds and insurance products, more than 100 firms consisting of both domestic and foreign have expressed their interest to partner with government promoted IPPB.
Chief Executive of IPPB, A P Singh has said during an interview that IPPB is adding these products and services in order to reach out to the areas and regions in India that have been isolated from the availability of any financial products and services to be offered for the people living there. Since most of the people living in these regions are uneducated, he said that they would be offering only those products and services which the people there can easily understand.
Among these, more than 100 companies that have expressed their interest in involving a partnership with IPPB for selling mutual funds and insurance policies, some of the companies include IDBI Bank, HSBC, Axis Bank, Deutsche Bank, Barclays Bank, Citibank, SBI, and LIC. Similarly, the insurance companies that have expressed interest to partner with IPPB for selling insurance policies include HDFC Life, ICICI Prudential, Max Life Insurance, and Bajaj Allianz Life.
A P Singh further also mentioned that the IPPB is not interested in creating any partnership or bias with any one particular company and since the IPPB is a publicly promoted company it is meant for everyone. Moreover, the IPPB further stated that it would not involve itself in promoting or advising any of these new products and services, but would only be selling these new mutual funds and insurance policies.
As of now, the IPPB has a branch network of 1.55 lakh post offices in all over India, and it has further plans to expand its network through opening 650 new branches by the September month.
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White Money Club
April 29, 2017 at 7:40 pm
Post offices have good penetration in rural India (total 1.15 lac P.O.) where private insurance firms do not dare to go. This will help rural India to be more secured with insurance (be it life , general or agriculture)