India Post Payments Bank unveils new digital payment app ‘DakPay’

The India Post Payments Bank (IPPB) along with Department of Posts (DoP) launched a digital payment application called ‘DakPay’ on 15 December 2020, in an effort to provide Digital Financial inclusion at the last mile across India. The app was launched by Union Minister for Communications, Electronics & Information Technology and Law & Justice, Ravi Shankar Prasad.

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About the “DakPay” app

• The app ‘DakPay’ will facilitate the customers of the DoP and IPPB in easy digital transactions and other banking and postal services.
• This innovative App will help people transfer and receive money with ease and those who do not have smartphones can also do money transaction on this App with the assistance of postmen.
• DakPay is not just a digital payment app but a suite of digital financial and assisted banking services provided by India Post and IPPB through the trusted Postal network across the nation to cater to the financial needs of various sections of the society.

Important takeaways for all competitive exams:

• MD and CEO of India Post Payments Bank (IPPB): J Venkatramu.
• India Post Payments Bank (IPPB) was incorporated as Payments Banking Company under Section 22 (1) of Banking Regulation Act, 1949.
• India Post Payments Bank (IPPB) Headquarters: New Delhi.

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