Prime Minister's Office
PM launches India Post Payments Bank – a major initiative towards financial inclusion
Posted On:
01 SEP 2018 5:56PM by PIB Delhi
The
Prime Minister, Shri Narendra Modi, today launched the India Post
Payments Bank (IPPB) at Talkatora Stadium in New Delhi. The function was
witnessed at over 3000 locations across the country, which were
connected to the main event in Delhi.
Speaking
on the occasion, the Prime Minister said that through the India Post
Payments Bank, banking services will conveniently reach the remotest
places in the country, and the people living there.
He
recalled that the Union Government had earlier rolled out the Jan Dhan
Yojana to establish financial inclusion. He said that today’s launch of
IPPB is one more step to achieve this objective. He said IPPB branches
have opened across 650 districts today.
The
Prime Minister said that the postman has long been a respected and
accepted person in the villages. He said the trust on the postman
remains, despite the advent of modern technology. He said that the
Government’s approach is to reform existing frameworks and structures,
and hence, transform them in accordance with the changing times. He said
that there are over 1.5 lakh post offices and over three lakh postmen
or “grameen dak sevaks” who are connected to the people of the country.
Now they shall be empowered with smartphones and digital devices to
provide financial services.
Enumerating
the benefits of IPPB, he said it will enable money transfer, transfer
of government benefits, bill payments and other services such as
investment and insurance. He added that postmen would deliver these
services at the doorstep. He said that IPPB will also facilitate digital
transactions, and help deliver the benefits of schemes such as Pradhan
Mantri Fasal Bima Yojana, which provide assistance to farmers.
The
Prime Minister said that since 2014, the Union Government has been
dealing firmly with the distortions and problems that had arisen in
India’s banking sector due to indiscriminate loan advances. He said
existing loans have been reviewed and a professional approach has been
taken with regard to the banking sector. He mentioned other measures
such as the Fugitive Economic Offenders Bill, which have been taken to
ensure that the guilty are punished.
The
Prime Minister said that now Mudra loans worth over 13 lakh crore
rupees have been given to the poor and middle class, for creating
self-employment opportunities. He said that today, as India achieves its
best ever Asian Games performance, and the economy shows excellent
growth numbers, the entire country is full of new self-confidence. He
said this is the result of the collective efforts of the people. He said
today India is not just the fastest growing economy in the world, but
also the country that is eradicating poverty the fastest.
The
Prime Minister said that 3 lakh “dak sevaks” would be the key to
provide financial services to every home, every farmer and every small
enterprise in the villages. He mentioned that in recent months, several
steps have been taken for the welfare of “dak sevaks” and to meet their
long pending demand. These have led to a substantial increase in their
salary, he added. He expressed confidence that IPPB shall reach over 1.5
lakh post offices across the country within the next few months.
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