India Post Payments Bank wants to convert itself into universal bank: CEO 
News Updates

India Post Payments Bank wants to convert itself into universal bank: CEO

IPPB wants to convert itself into a universal bank as the vast network of post office branches would help in achieving financial inclusion, said Venkatramu

PSU Watch Bureau

New Delhi: India Post Payments Bank (IPPB) wants to convert itself into a universal bank as the vast network of post office branches would help in achieving financial inclusion, said its MD and CEO J Venkatramu on Tuesday.

"Given the network of post offices, probably we fit the bill in terms of being the institution which can reach every nook and corner. If we get a full-fledged banking licence, especially for financial inclusion, that will help us serve larger goals," Venkatramu said at a CII event. He was replying to a question on the bank approaching the Reserve Bank of India (RBI) for universal bank licence.

'Credit is an important facet of financial inclusion'

Venkatramu said that credit is an important facet of financial inclusion as well as social upliftment, the vast network of post offices could help in financial inclusion and extending credit. As a payment bank under the RBI, IPPB can extend services of deposits, remittances, internet banking and other specified services, but they cannot give loans or issue credit cards.

'Design proper ecosystem for redressal of customer's grievances'

Speaking at the event, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain emphasised on the importance of a properly designed ecosystem for redressal of customer's grievances.

"There could be a problem in 0.1 percent of the transactions but that will also add to huge number of transactions. For you (payment banks), it may be statistics but the person who has lost the money, for him, it is a problem," Jain said.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

IIFCL in talks with ADB, Korean Exim Bank to raise $600 million

Govt notifies telecom cyber security rules; sets timelines for telcos to report security incidents

Govt invites job applications for PNGRB's Member post

Power Minister visits NHPC’s Nimoo Bazgo Power Station in Ladakh

Delegates from 18 countries attend RBI's policy conference of Global South central banks