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.
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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.
India Post Payments Bank did a nationwide a launch by on September 1, 2018 with 650 branches/controlling offices.
IPPB has enabled 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.
Since the launch of IPPB, it has opened more than 5.25 crore accounts, out of which, 77% of accounts are opened in Rural areas, 48% are women customers with around Rs.1000 crore of deposit.
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