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Postal dept decides to convert India Post Payments Bank to a SFB

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  • Date Added: Feb 03, 2020
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BUSINESS-STANDARD/PTI JUL-2019 The postal department said it has decided to convert the India Post Payments Bank into a small finance bank, enabling it to offer small loans to customers. Besides, the department looks to open one crore accounts for IPPB in 100 days. The decisions were taken at the annual Heads of Circles Conference held at Srinagar in Jammu and Kashmir from July 29-31, 2019 to adopt a 100-day action plan and a five-year vision to align the Department of Posts with the Prime Minister's New India initiative, a statement from the postal department said.