Govt extends Rs 820 crore financial support to India Post Payments Bank

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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