India Post Payments Bank to be converted into small finance bank


PTI, Aug 1, 2019, 10:28 AM IST

New Delhi: The postal department said it has decided to convert the India Post Payments Bank into a small finance bank, enabling it to offer small loans to customers.

Besides, the department looks to open one crore accounts for IPPB in 100 days.

The decisions were taken at the annual Heads of Circles Conference held at Srinagar in Jammu and Kashmir from July 29-31, 2019 to adopt a 100-day action plan and a five-year vision to align the Department of Posts with the Prime Minister’s New India initiative, a statement from the postal department said.

The decision included “Converting the India Post Payments Bank (IPPB) into a Small Finance Bank (SFB) to provide micro credit at the doorsteps to individuals and SME’s. Targeting the milestone of one crore accounts for IPPB in 100 days” among several other steps.

India Post will partner with Common Service Centre to provide a suite of citizen-centric services such as banking, remittance, insurance, DBT, bill and tax payments etc at post offices, the statement said.

The postal department has decided to develop infrastructure to extend the reach of the e-commerce industry to tier 2 and 3 town as well as to rural areas by investing in 190 parcel hubs, 80 Nodal Delivery Centers and a Pan India Road Transport Network.

Telecom Minister Ravi Shankar Prasad at the conference urged the officers of the Department at all levels to think to reform and perform in order to transform.

“In particular, he asked the Heads of Circles to leverage technology to strengthen Digital India by adopting Artificial intelligence, IOT and Cloud computing for citizen-centric services,” the statement said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Public Alert: Cyber fraudsters impersonating traffic police to demand fines

UP: 25 people booked for attacking civic officials for encroachment removal

SC transfers cheating case against choreographer Remo D’Souza to Delhi court

Fishing vessel collides with naval platform off Goa coast; 2 fishermen missing

‘Nation First’ key to India’s progress, says President Murmu

Karnataka BJP chief Vijayendra slams Cong govt over Waqf notices to farmers, fund crunch

Man declared dead wakes up before cremation, 3 doctors suspended in Rajasthan

Related Articles More

Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points

Baku climate talks: The ‘X’ factor that could determine future of Global South

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

Gautam Adani charged in US with USD 250 mn bribery, fraud

India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Public Alert: Cyber fraudsters impersonating traffic police to demand fines

Court acquits MLA Bachchu Kadu in 2011 Mantralaya clerk slapping case

Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points

UP: 25 people booked for attacking civic officials for encroachment removal

SC transfers cheating case against choreographer Remo D’Souza to Delhi court

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.