The Union Cabinet has approved financial assistance of Rs 820 crore for India Post Payment Bank ie IPPB. This decision of the government will help the government payments bank to increase its penetration in remote areas of the country and further financial inclusion.
A source in news agency PTI said, “IPPB has an important role to play in meeting the social goals of the government. This financial support will help the bank to take forward the financial inclusion program of the government, especially in rural areas.
Let us inform that India Post Payments Bank currently has five crore accounts and it has 1.36 lakh branches. About 48 percent of the account holders of the bank are women. Finance Minister Nirmala Sitharaman had emphasized on digitization of post offices in this year’s general budget.
According to Finance Minister Nirmala Sitharaman, 1.5 lakh post offices will come with 100% core banking system. Through this, there will be access to the accounts through Net Banking, Mobile Banking, ATM. Apart from this, money can be transferred online between post office accounts and bank accounts.