PM Modi launches Post Payments Bank in bid to make banking more accessible

WION Web Team
Delhi, India Published: Sep 01, 2018, 04.33 PM(IST)

PM Modi. Photograph:( ANI )

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The project is described as the largest payments bank in the country by network size.

Prime Minister Narendra Modi on Saturday launched India Post Payments Bank in Delhi with an aim to make banking more accessible and easily available across the country. 

The project is described as the largest payments bank in the country by network size wherein all 1.55 lakh post offices will be linked to the service by December 31, 2018.

The Prime Minister, during the launch event, stated that the service will make banking services available to every nook and corner of the country. 

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"Through India Post Payments Bank (IPPB), we will reach every nook and corner of the country. Bank and banking services will be available at every person's doorstep," PM Modi stated. 
 
The Post Payment Bank service will be operational in 650 branches across the country and will have 3,250 access points in India.

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The IPPB will leverage post offices across India, PM Modi further added. 

He also shared that the government will take swift action against the 12 biggest defaulters who were given loans before 2014.

"I want to assure the country that none of these big loans was given by our government," PM Modi stated. 

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