Over 100 India Post Payments Bank branches to be opened across Northeast
New Delhi: The central government has announced that over 100 new branches of India Post Payments Bank (IPPB) will be opened across the Northeast.
This was announced by union finance minister Nirmala Sitharaman while presenting union budget 2024 on Tuesday (July 23).
Currently, IPPB serves millions of account holders and operates through a vast network of branches.
The addition of these new branches is expected to significantly enhance banking services in the Northeast.
“More than 100 branches of India Post Payments Bank will be set up in the Northeast to expand the banking services,” said Sitharaman.
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This expansion aims to boost digital banking services across Northeast, bringing more residents into the banking fold.
IPPB leverages over 1.55 lakh post offices and 3 lakh postal postmen to provide doorstep banking services.
Its offerings include savings accounts, money transfers, insurance via third-party providers and utility payments.
The new branches are part of the government's broader strategy to strengthen the Fintech ecosystem.
This move is expected to facilitate greater access to banking services for people in remote areas, enabling them to conduct financial transactions through their smartphones.