Cabinet clears Rs 820 cr financial aid for IPPB

New Delhi: The Union Cabinet on Wednesday approved an additional funding of Rs 820 crore for India Post Payments Bank (IPPB) that will be utilised for expansion of its services to all post offices in the country.

Briefing the media, Union Minister Anurag Thakur said that out of the little over 1.56 lakh post offices, IPPB, currently operates from 1.3 lakh post offices.

He also said the Cabinet has given its in-principle approval for future fund infusion worth Rs 500 crore into IPPB for meeting regulatory requirements and technological upgradation.

“IPPB is going to expand its banking service to 1,56,434 post offices and for decision has been taken to invest Rs 820 crore in it so that poorest of the poor, mothers and sisters living in rural areas can get access to banking facility,” Thakur said.

As per a statement, the Cabinet has approved the revision of project outlay for setting up of IPPB from Rs 1,435 cr to Rs 2,255 cr as equity infusion to meet regulatory requirement.

IPPB has enabled 1.36 lakh post offices to provide banking services.