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Economy
Mahesh

28/04/22 08:03 AM IST

India Post Payments Bank

In News 
  • The Union Cabinet chaired by the Prime Minister Shri Narendra Modi 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. 
IPPB 
  • India Post Payments Bank did a nationwide a launch by on September 1, 2018 with 650 branches/controlling offices. 
  • Objective- 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.
  • 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.
  • In Aspirational Districts IPPB has opened around 95.71 lakh accounts having 602 lakh aggregate transaction worth Rs.19,487 crore. 
  • In Left Wing Extremism (LWE) districts, 67.20 lakh accounts have been opened by IPPB having 426 lakh aggregate transactions worth Rs.13,460 crore.
Significance 
  • Total financial expenditure involved under the proposal stands at Rs.820 crore. 
  • The decision shall help India Post Payments Bank pursue its objective of furthering financial inclusion across India by leveraging the network of Department of Posts.
Source- PIB 

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