Explorer

PM Modi launches Post Payment Scheme

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its approval for revision of the project outlay for setting up India Post Payments Bank (IPPB) from Rs. 800 crore to Rs. 1,435 crore.
The additional sum of Rs. 635 crore in the revised cost estimates is on account of Rs. 400 crore for Technology Costs and Rs. 235 crore for Human Resource Costs.
The objective of the project is to build the most accessible, affordable and trusted bank for the common man; spearhead the financial inclusion agenda by removing the barriers for the unbanked and reduce the opportunity cost for the underbanked populace through assisted doorstep banking.
The government-backed IPPB services will be available at 650 IPPB branches and 3250 Access Points from 1st September 2018. In all, 1.55 lakh post offices (Access Points) will be available by December 2018.
The IPPB will provide a bouquet of financial services through its technology-enabled solutions which will be distributed by the Department of Posts (DoP) employees transforming them from mail deliverer to harbinger of financial services.
Moreover, it will pay commission to the last mile agents (Postal Staff and Gramin Dak Sewaks) directly in their accounts for providing IPPB services so as to motivate them to promote IPPB digital services to the customers. Apart from this, a part of the commission will be used for increasing the wherewithal of Post office.
The project will generate new employment opportunity for about 3500 skilled banking professionals and other entities engaged in propagating financial literacy across the country. It will also supplement the Government's vision of "less cash" economy and at the same time promote both economic growth and financial inclusion.
The robust IT architecture of IPPB has been built taking into consideration bank-grade performance, fraud and risk mitigation standards and in line with the best practices from payments and banking domain.

News Videos

Sambhal News: ASI Team to Inspect Stepwell Today, Exclusive Pictures from the Site
Sambhal News: ASI Team to Inspect Stepwell Today, Exclusive Pictures from the Site

New Reels

View More
Advertisement

Photo Gallery

Advertisement

Videos

Anya Polytech IPO: Must Watch Exclusive Interview Before Investing | Paisa LiveWhy Payas Pandit Struggled to Gain Recognition Despite Her Bhojpuri Debut with Pawan Singh?Sambhal News: ASI Team to Inspect Stepwell Today, Exclusive Pictures from the SiteBJP Accuses AAP of Deceiving Public with New Schemes Ahead of Delhi Elections
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

At Least 42 Passengers Killed As Azerbaijan Airlines Plane Crashes in Kazakhstan, Video Of Crash Surfaces
At Least 42 Passengers Killed As Azerbaijan Airlines Plane Crashes in Kazakhstan
Delhi Election: AAP Alleges Cash-For-Votes Scam In Kejriwal's Constituency, To Lodge Complaint Against BJP
Cash-For-Votes Scam Ahead Of Delhi Polls? AAP To Lodge Police, EC Complaint Against BJP
How Did Christmas Start? 7 Interesting Facts To Know About History Of The Day That Celebrates Jesus Christ's Birth
How Did Christmas Start? 7 Historical Facts About December 25 That Celebrates Jesus Christ's Birth
'Atal Bihari Vajpayee Not One For Horse-Trading': PM Modi Pays Tribute To Former PM. WATCH
'Atal Bihari Vajpayee Not One For Horse-Trading': PM Modi Pays Tribute To Former PM. WATCH
Advertisement
ABP Premium
Embed widget