Govt extends Rs 820 crore financial support to India Post Payments Bank
In the meeting of the Union Cabinet, approval has been given to provide financial support of Rs.820 crore to India Post Payment Bank.
The project outlay for setting up of India Post Payments Bank (IPPB) has been increased from Rs 1,435 crore to Rs 2,255 crore by the Union Cabinet.
The Cabinet has also given in-principle approval for a provident fund of Rs 500 crore to meet regulatory requirements and technological up-gradation.
This additional financial support will help India Post Payments Bank meet its objective of advancing financial inclusion across India by leveraging the entire network of the Department of Posts.
About India Post Payment Bank
It is set up under the Department of Posts, Ministry of Communications with 100% equity owned by the Government of India.
Founded- 1 September 2018.
Headquarters- New Delhi
Secretary- Vineet Pandey
MD & CEO- J. Venkataramu.
In January 2022, IPPB had crossed 5 crore customers
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