The Union Cabinet has approved financial support of Rs 820 crore for India Post Payments Bank, a source said on Wednesday.
The support will help state-run payments bank to penetrate deeper into the country, especially in the rural area and work towards financial inclusion.
"There was a proposal to provide Rs 820 crore financial support to India Post Payments Bank (IPPB). It has been approved by the Cabinet," the source told PTI.
IPPB has over five crore accounts at present and operates through 1.36 lakh branches. Around 48 per cent of its account holders are women.
"IPPB plays an instrumental role in carrying out the government's social objectives. The support will help IPPB to advance the government's agenda of financial inclusion, especially in the rural area," the source said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU