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"This Will Bring The Bank To The Doorstep Of The Poor", Says PM Modi At The Inauguration Of India Post Payment Bank

Written By Anirudh Sunilkumar | Mumbai | Published:


  • Prime Minister Narendra Modi inaugurated the India Post Payment Bank at New Delhi on Saturday
  • The bank will be operated through the vast network of post offices in the country

Talking at the Talkatora Stadium in New Delhi on the inauguration of India Post Payment Bank, Prime Minister Narendra Modi hailed India's growth in the digital realm and stated that the new government entity is aimed at the welfare of the rural residents. 

Total equity of the India Post Payment Bank under the India Post is owned by the government. According to the PM, the new entity will bring the bank to the doorstep of people living in rural areas. Backing his statement, Prime Minister Narendra Modi talked about the government's Jan Dhan Yojana that encouraged people in rural areas to create their own bank accounts and that the 'postman will bring the bank to the doorstep'. 

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Apart from that the India Post which has over 1.5 lakh branches spread throughout the nation was termed as the 'only bank with maximum reach' in the rural areas by PM Modi. During his address, Prime Minister Narendra Modi lauded the postmen of the country and highlighted the crucial role they played in the society. 

The new India Post Payment Bank has been designed with simplicity to cater to the farmers and other underprivileged sections of India where a customer can either create a savings of a current account. 

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The postmen of India Post Payment Bank will be provided with a smartphone and a digital device that would enable them to carry out formalities at the customer's doorstep.

"This will bring the bank to the doorstep of the poor" PM Modi said. Apart from that, the Prime Minister also stated that the new bank would be a portal to claim government related schemes such as Pradhan Mantri Fasal Bheema Yojana. The Prime Minister also conveyed that the government's Sukanya Samruddhi Yojana will provide special provisions related to the saving for girls in the family. 

Account holders of the bank will also be given a unique QR code that would let them access information with their Aadhar numbers, this helping with digitization. 


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