The Union Cabinet has approved the revision of project outlay for setting up of India Post Payments Bank (IPPB) from Rs.1435 crore to Rs.2255 crore as equity infusion to meet regulatory requirement.
- The Cabinet also granted in principle approval for future fund infusion to the tune of Rs.500 crore for meeting regulatory requirements and technological upgradation.
- The objective of the project is to build the most accessible, affordable and trusted bank for the common man; spearhead the financial inclusion agenda by removing the barriers for the unbanked and reduce the opportunity cost for the under banked populace through assisted doorstep banking.
- The project supplement Government of India’s vision of “less cash” economy and at the same time promote both economic growth and financial inclusion.
About India Post Payments Bank
- India Post Payments Bank did a nationwide a launch by on September 1, 2018 with 650 branches/controlling offices.
- IPPB has enable 1.36 lakh Post Offices to provide banking services and has equipped nearly 1.89 lakh Postmen and Gramin Dak Sevaks with smartphone and biometric device to provide doorstep banking services.
- Out of the 5 crore accounts, 77% of accounts are opened in Rural areas, 48% are women customers with around Rs.1000 crore of deposit.
- The India Post Payments Bank offers a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments and enterprise and merchant payments.
- India Post Payments Bank (IPPB) provides RuPay Virtual Debit Card to promote Government of India’s digital payments mission. It also provides IPPB QR card.
