Explanation:

India Post Payments Bank (IPPB)
The India Post Payments Bank (IPPB) has been incorporated as a public sector company under the Department of Posts with 100% GOI equity.
IPPB is offering demand deposits such as savings and current accounts up to a balance of Rs 1 Lac, digitally enabled payments and remittance services of all kinds between entities and individuals and also provide access to third-party financial services such as insurance, mutual funds, pension, credit products, forex, and more, in partnership with insurance companies, mutual fund houses, pension providers, banks, international money transfer organisations, direct benefit transfer, etc.
IPPBs objective is the last mile financial inclusion and connectivity to the remotest parts of the country with institutional finance for its people.
The four key features of IPPB are:
FINANCIAL LITERACY: Wealth creates wealth. Even a little saving can go a long way if channelized correctly. With trustworthy advice and services designed to include everybody, income can be invested correctly, more can be saved, and people can start moving forward, faster. 
STREAMLINING PAYMENTS: Beneficiaries can access income from government’s DBT programs like MNREGA wages, Social Security Pensions and scholarships, directly from their IPPB bank account with near zero friction. They can also pay their utility bills, fees for educational institutions and much more from the same IPPB account.
FINANCIAL INCLUSION: Millions of Indians don’t have access to banking facilities. They cannot avail of government benefits, loans and insurance, and even interest on savings. IPPB will reach the unbanked and the underbanked across all cross sections of society and geographies. Services offered by IPPB will help them take the first step towards prosperity.
EASE OF ACCESSIBILITY: IPPB is powered by the very postmen who deliver our letters. With over 1.54 lac post offices across the country, India Post enjoys the trust of Indians everywhere. The postal delivery system will make IPPB, India’s most accessible banking network. IPPB will also offer services through the internet and mobile banking, and prepaid instruments like mobile wallets, debit cards, ATMs, PoS and MPoS terminals etc.

NOTE:-Our PM 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' on 1st sep 2018.