As per a news source, the Union Cabinet has given a nod for the financial support of Rs 820 crore for India Post Payments Bank.
The support will help to widen its presence 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 the news agency.
IPPB has over five crore accounts at present and operates through 1.36 lakh branches.
Around 48% 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.
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