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 state-run payments bank to penetrate deeper into the country, especially in the rural area and work towards financial inclusion.
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"There was a proposal to provide Rs 820 crore financial support to India Post Payments Bank (IPPB). It has been approved by the Cabinet," the source told PTI.
IPPB has over five crore accounts at present 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. Around 48 percent of its accountholders are women.
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"IPPB plays an instrumental role in carrying out the government's social objectives. The support will help IPPB to advance the government's agenda of financial inclusion, especially in the rural area," the source said.
The bank claims it has executed the world's largest digital financial literacy programme by ensuring that its customer base was financially aware and empowered, leveraging the strength of its 2.8 lakh post office employees.
It also claims to have taken digital banking to the grassroot-level through interoperable payments and settlement systems powered by NPCI, RBI and UIDAI offering services in over 13 languages.
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