India Post Payments Bank to open 650 branches in all major districts

India-post-payment-bankCommunications and IT Minister Ravi Shankar Prasad has said that Department of Posts’ payment bank will establish 650 branches by September 2017.

The Minister has shot off a letter to Department of Posts’ employees to contribute towards setting up of the payment bank branches across all 650 district headquarters in the country.

“Postal Bank will work towards bringing about financial inclusion to all parts of the country,” Prasad stated.

He also underlined Prime Minister Narendra Modi’s vision of establishing all the proposed branched by September next year to give a boost to government’s initiatives.

“The payment bank shall be a technologically enabled banking platform which gives a wide range of services such as Direct Benefit Transfers, all kinds of payments and more importantly undertake the sale of a variety of third party products,” Prasad said, adding, “Grameen Dak Sewaks will play a key role in the success of payment bank”.

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