The Union Cabinet approved additional funding of Rs 820 crore for India Post Payments Bank (IPPB) for the expansion of its services to all post offices in the country. Out of the 1.56 lakh post offices, IPPB currently operates from 1.3 lakh post offices. Since the launch, it has opened over 5.25 crore accounts with 82 crore aggregate number of transactions.
The pilot project envisages training for about 250 beneficiaries of 17 clusters of 17 districts selected from six states of India- Madhya Pradesh, Chhattisgarh, Gujarat, Rajasthan, Maharashtra and Odisha.
The Reserve Bank of India has given its nod to Equitas Small Finance Bank and its parent company Equitas Holdings Ltd's merger plan, subject to certain restrictions.
EXAMIANS