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Total financial expenditure involved under the proposal stands at Rs 820 crore
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The union cabinet on Wednesday has approved the revision of project outlay for setting up of India Post Payments Bank (IPPB).
The equity infusion is set up from Rs 1435 crore to Rs 2255 crore to meet regulatory requirement, according to the official statement.
The Cabinet also granted in principle approval for future fund infusion to the tune of Rs 500 crore for meeting regulatory requirements and technological upgradation.
The objective of the project is to build the most accessible, affordable and trusted bank for the common man. It would remove the barriers for the unbanked and reduce the opportunity cost for the under banked populace through assisted doorstep banking.
As per the statement, since the launch of IPPB, it has opened more than 5.25 crore accounts with 82 crore aggregate number of financial transactions with Rs 1,61,811 crore which includes 765 lakh number of AePS transactions worth Rs 21,343 crore. Out of the 5 crore accounts, 77 per cent of accounts are opened in rural areas, 48 per cent are women customers with around Rs 1000 crore of deposit.
In Aspirational Districts, IPPB has opened around 95.71 lakh accounts having 602 lakh aggregate transaction worth Rs 19,487 crore. In Left Wing Extremism (LWE) districts, 67.20 lakh accounts have been opened by IPPB having 426 lakh aggregate transactions worth Rs 13,460 crore.
Total financial expenditure involved under the proposal stands at Rs 820 crore.