Cabinet approves financial support of Rs 820 Crore for India Post Payments bank

New Delhi: The Union Cabinet has approved financial support of Rs 820 crore for India Post Payments Bank, a source said on Wednesday. The support will help the state-run payment bank to penetrate deeper into the country, especially in rural areas and work towards financial inclusion.

“There was a proposal to provide financial support of Rs 820 crore to India Post Payments Bank (IPPB). It was approved by Cabinet,” the source told PTI.

The IPPB currently has over five crore accounts and operates through 1.36 lakh branches, of which 1.20 lakh are in rural areas. The payments bank achieved the feat in January this year. About 48% of its account holders are women.

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“IPPB is instrumental in achieving the government’s social objectives. The support will help IPPB advance the government’s financial inclusion agenda, particularly in rural areas,” the source said.

The bank says it has run the world’s largest digital financial literacy program by ensuring its customer base is financially aware and empowered, leveraging the strength of its 2.8 lakh post office staff .

It also claims to have brought digital banking to the local level through interoperable payment and settlement systems powered by NPCI, RBI and UIDAI offering services in over 13 languages.

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