India post payments bank: Branches to help promote financial inclusion, says Manoj Sinha

NEW DELHI: Communications Minister Manoj Sinha on Monday said the government is working on establishing 650 branches for India Post Payments Bank to facilitate financial inclusion, and unveiled two new offerings by the postal department.

“For India Post Payments Bank...we will be opening nearly 650 branches across India. Two, namely in Raipur and Ranchi, have already started. The aim is that through 650 post payments bank, we can push financial inclusion in 1.55 lakh villages,” Sinha said.

Sinha exhorted the postal employees to continue reorienting themselves with technological changes and disruptions in order to bring innovative offerings to consumers, all the while upholding the societal values.

“With the way technology is changing and given the disruptions, it is good to link yourself with technology but department's values too have to be maintained, and that is the biggest challenge,” he said highlighting the long history of Indian postal services, particularly the significance of the postman in rural India.

The minister who was speaking at an event to commemorate National Postal Week (October 9-15) also announced two new offerings - International Tracked Packet Service and e-IPO (Indian Postal Order).

The e-IPO was launched in denominations of Rs 20, Rs 50 and Rs 100 and now can be used for fee payment for educational institutions and other purposes.