India Post Payments Bank will serve cause of Antyodaya: Ravi Shakar Prasad

IPPB is being set up with the aim of achieving financial inclusion in country

As the Department of Posts is gearing up to set up a payments bank, Communications Minister Ravi Shankar Prasad on Saturday wrote to its employees saying India Post Payments Bank (IPPB) will serve the cause of Antyodaya – serving the last man standing.

"I earnestly appeal to all employees of department and the Grameen Dak Sevaks to take pride and ownership in establishing the India Post Payments Bank which will truly serve the cause of Antyodaya – serving the last man standing," the minister said in the letter, which is being sent to all the employees.

The IPPB is being set up with the aim of achieving financial inclusion in the country.

"The India Post Payments Bank shall be a technologically enabled banking platform that gives a wide range of services such as direct benefit transfers, all kinds of payments and remittances and more significantly undertake sale of a variety of third party products," Prasad said.

"With this diversity of offerings I can clearly see that India Post Payments Bank is going to be a game changer."

"In the coming days, the role of all employees including the Grameen Dak Sevaks will be very significant in the successful roll out of Payments Bank, to make financial inclusion possible for every Indian."

The government plans to roll out 650 branches of IPPB with an investment of Rs 800 crore in all major district headquarters by September 2017.

"I have no doubt in my mind that given your capabilities and your whole hearted cooperation we can accomplish the task. India Post has a foot print in every corner of the country. The postman has a vital emotional connect with the people of India," the minister said.