Yesterday, Prime Minister Narendra Modi launched Indian Postal Payment Bank of India (IPPB) at Talkatora Stadium, New Delhi. IPPB has been launched with the vision to reach the unreached areas by providing doorstep banking service. Hopefully, it will help to have better financial literacy rate among Indians.
In Imphal, IPPB was launched by Deputy Chief Minister, Yumnam Joykumar Singh and minister of Water Resources, Letpao Haokip at City Convention, Imphal. Delivering his speech as a chief guest of the function, Deputy CM said “As we all know that around 50 percent of the country is beyond the network coverage. With the launching of this inclusive form of banking service, anyone will get the privilege of enjoying the banking service anywhere!”
Stating the main advantages of this new banking initiative, Joykumar Singh further said that many Indians still remain as unbanked, and consequently, the policy of direct benefit transfer had been unable to implement successfully. However, with the advent of the bank, such a problem will be addressed.

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