India Post Payments Bank to be converted into SFB

The postal department has decided to convert the India Post Payments Bank into a small finance bank. This bank will provide micro credit at the doorsteps to individuals and SME’s. The postal department has also target the milestone of 1 crore accounts for IPPB in 100 days.

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.

Source: The Economic Times

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