Prime Minister Narendra Modi yesterday launched a payments bank of the Department of Posts that will take banking to the doorstep of every citizen through an unmatched network of post offices and almost 3 lakh postmen and 'Grameen Dak Sewaks'.

The India Post Payments Bank (IPPB) will be like any other banks, but its operations will be on a smaller scale without involving any credit risk. It will carry out most banking operations like accepting deposits but won't advance loans or issue credit cards.