Task Force Exploring Turning India Post Payments Bank To A Small Finance Bank
Pedestrians walk past an India Post mail box in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Task Force Exploring Turning India Post Payments Bank To A Small Finance Bank

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The possibility of converting India Post Payments Bank into a small finance bank is being explored to further the goal of financial inclusion, Parliament was informed on Wednesday.

A task force has been set up for studying the logistics and feasibility of converting India Post Payments Bank into a small finance bank, Communications Minister Ravi Shankar Prasad said in a written reply to the Lok Sabha.

“Yes sir, expansion of IPPB and possibilities of converting it into Small Finance Bank is being explored. In this regard, a task force has been set up for studying the logistics and feasibility of conversion of IPPB into a small finance bank,” Prasad said.

This step will further the goal of financial inclusion by allowing all citizens greater access to enhanced savings and credit, he added.

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