Updated By: LatestGKGS Desk
UnionCabinet approved Revised Cost Estimate for establishing India Post Payments Bank
Union Cabinet approved Revised Cost Estimate for establishing India Post Payments Bank: Details, Objective,, Highlights
Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-facto approval for revision of the project outlay for setting up of India Post Payments Bank (IPPB) from Rs 800 crore to Rs 1435 crore.
The additional amount 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 IPPB services shall be available at 650 IPPB branches and 3250 Access Points from 1st September 2018, and in all 1.55 lakh post offices (Access Points) by December 2018.
The project will generate new employment opportunities for about 3500 skilled banking professionals and other entities engaged in propagating financial literacy across the country.
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 under banked populace through assisted doorstep banking.
India Post Payments Bank
Industry: Financial services
Founded: 2018
Headquarters: New Delhi India
MD & CEO: Mr. Suresh Sethi
Products: Banking
Parent: Department of Post
