PM launches India Post Payments Bank aimed at financial inclusion
New Delhi, Sep 1: Prime Minister Narendra Modi on Saturday launched India Post Payments Bank (IPPB) aimed at strengthening financial inclusion by taking banking services to the unbanked rural areas across the country.
The payments bank would initially provide current and savings account facility at 650 post offices and 3,250 access points.
"The India Post Payments Bank will further the process of financial inclusion which started with the launch of Jan Dhan Yojana launched in 2014," said the Prime Minister speaking at the launch.
By 2018-end, the number of access points would increase to 1.55 lakh, of which 1.30 lakh branches would be in rural areas, according to the Communications Ministry.
"The Indian Postal Department has 1.5 lakh post offices and more than 3 lakh postmen. We have taken the onerous task of linking such an extensive system with technology to build the most powerful system. Now the postman is equipped with a smartphone and has a digital device in his bag," Modi said.
Farmers and daily wage earners under the Pradhan Mantri Fasal Beema Yojana and Mahatma Gandhi National Rural Employment Guarantee scheme would be among the key beneficiaries as they can receive their claims through the payments bank, he said.
According to the Communications Minister Manoj Sinha, people can open their accounts in the bank in less than a minute through Aadhaar cards and transactions can be done through Quick Response (QR) card provided by the bank without the need to remember account numbers and passwords.
Account holders of the Post Office Savings Bank would also be able to avail of IPPB services by linking their accounts, he added.
Although payment banks are not mandated by the Reserve Bank of India to provide loans and insurance, IPPB has tied up with the Punjab National Bank and would work as an agent of the bank to provide loans to the account holders. Interest on loans would be the rate PNB charges and IPPB would not charge any commission for its service.
The bank would provide services such as current account, savings account, remittances, money transfer, direct benefit transfer, enterprise and merchant payment, the minister said, adding that the services would be available through multiple channels, including counter services, micro ATM, mobile banking applications, SMS and IVR (Interactive Voice Response).
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Myanmar quake: India sends more humanitarian aid in C-17 aircraft
New Delhi (PTI): India on Sunday sent 31 tonnes of humanitarian aid, including replenishment stores for an Indian army field hospital unit deployed in Myanmar, to augment New Delhi's efforts to provide succour to the quake-hit neighbouring country.
The aid was sent in a C-17 Globemaster heavy-lift aircraft.
It took off from the Hindon air force station in Ghaziabad early Sunday, a senior official said.
"#OperationBrahma@IAF_MCC C> C-17 plane departs for Mandalay with 31 tons of humanitarian aid, including replenishment stores for the Indian army field hospital unit," External Affairs Minister S Jaishankar posted on X and also shared a few photos.
A 7.7-magnitude earthquake jolted Myanmar last week, with the toll rising to over 3,000 even as rescuers continue to search through the rubble for signs of life.
India mounted its relief mission named 'Operation Brahma' as a swift response to the devastation caused by the earthquake that hit Myanmar as well as Thailand on March 28.
The field hospital, under 'Operation Brahma', continues its humanitarian mission in Myanmar as the local government and its agencies also soldiered on with their efforts in relief and rescue work.
The hospital unit comprising 118 personnel was deployed in Myanmar using two C-17 heavy-lift aircraft of the IAF which had taken off from Agra on March 29.
The field hospital has been set up by the Indian Army in Mandalay.
_vb_98.jpeg)
