India Post Payments Bank:
The union cabinet has approved ₹820 crore financial support for India Post Payments Bank.
- IPPB was launched by the Prime Minister in 2018 with 100% equity owned by the Government of India.
- It is a payments bank of the Indian postal department which works through a network of post offices and nearly 4 lakh postmen.
- It is governed by the Reserve Bank of India (RBI).
- The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India.
- The fundamental mandate of IPPB is to remove barriers for the unbanked and under-banked and reach the last mile.
- IPPB is committed to providing a fillip to a less cash economy and contribute to the vision of Digital India.