Speed Post News Network
New Delhi : The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for revision of the project outlay for setting up of India Post Payments Bank (IPPB) from Rs 800 crore to Rs 1,435 crore. The additional sum 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 3,250 Access Points from September 1, 2018, and in all 1.55 lakh post offices (Access Points) by December 2018. The project will generate new employment opportunity for about 3,500 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, according to a PIB release.
The IPPB shall pay incentive/commission to the last mile agents ( Postal Staff and Gramin Dak Sewaks) directly into their accounts for providing IPPB services to motivate them to promote IPP8 digital services to the customers. A part of commission to be paid by IPPB to Department of Posts will be used for increasing the wherewithal of Post office.