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

Railways rename Tippu Express as Wodeyar Express

IDBI Bank privatisation: Govt, LIC to sell 60.72 pc stake, invite bids

Vande Bharat train hits cow in Gujarat; second such incident in two days

Nobel Peace Prize to activists from Belarus, Russia, Ukraine

‘Real’ Rahul Gandhi emerging out of Bharat Jodo Yatra: Jairam Ramesh

Karnataka govt directs cab aggregators to stop auto-rickshaw services

National Herald case: ED questions Karnataka Cong chief DK Shivakumar, his brother


Related Articles More

IDBI Bank privatisation: Govt, LIC to sell 60.72 pc stake, invite bids

Adani announces Rs 65,000 cr investment in Rajasthan

RBI launches advanced supervisory monitoring system DAKSH

World Bank downgrades India’s economic growth forecast to 6.5 pc for FY23

Competition Commission gives conditional approval to Sony-Zee merger deal

MUST WATCH

Running Reace with Rahul Gandi and Siddaramiah

Uchila Dasara 2022 : Final Preparation for Precession

Bharath Judo : Rahul Gandhi Speach in Rain

Day 8 | Mahagauri

Sarapady Devadas Special Video.


Latest Additions

Railways rename Tippu Express as Wodeyar Express

IDBI Bank privatisation: Govt, LIC to sell 60.72 pc stake, invite bids

Vande Bharat train hits cow in Gujarat; second such incident in two days

Nobel Peace Prize to activists from Belarus, Russia, Ukraine

‘Real’ Rahul Gandhi emerging out of Bharat Jodo Yatra: Jairam Ramesh

Thanks for visiting Udayavani

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