India Post Payments Bank inks pact with IICA on payment banking

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India Post Payments BankIn a bid to offer relevant training to the employees on issues pertaining payment banking, India Post Payments Bank (IPPB) has signed a Memorandum of Understanding (MoU) with Indian Institute of Corporate Affairs (IICA).

This collaboration will also provide support in instituting Research Chairs in the emerging sector of payment banking

“Under the agreement, IICA has been entrusted with the key responsibility of capacity building of IPPB through training of its officials/employees besides providing research support by instituting Research Chairs in the emerging area of payment banking,” said an official communiqué.

This joint venture is expected to enable the massive network of post offices with the ability to effectively deal with Financial Inclusion.

“After the green and white revolution, a financial revolution in India is all set to transform the rural economy,” said Injeti Srinivas, Secretary, Ministry of Corporate Affairs.

“Mobilisation of household savings – a sound pillar giving strength to Indian economy – has been facilitated by Department of Posts since long,” said A N Nanda, Secretary, Department of Posts.

IPPB is a special move to boost “financial inclusion” initiative of the government rolled out to cater to the unbanked section of the society and to include them in the ambit of formal banking.

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