The possibility of converting India Post Payments Bank (IPPB) into a small finance bank is being explored to further the goal of financial inclusion, Parliament was informed on Wednesday.
A task force has been set up for studying the logistics and feasibility of converting IPPB into a small finance bank, Communications Minister Ravi Shankar Prasad said in a written reply to the Lok Sabha.
"Yes sir, expansion of IPPB and possibilities of converting it into Small Finance Bank is being explored. In this regard, a task force has been set up for studying the logistics and feasibility of conversion of IPPB into a small finance bank," Prasad said.
This step will further the goal of financial inclusion by allowing all citizens greater access to enhanced savings and credit, he added.