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Daijiworld Media Network - Mangaluru (ANK)

Mangaluru, Sep 1: Union minister for statistics and programme implementation, D V Sadananda Gowda, symbolically inaugurated India Post Payments Bank (IPPB), Mangaluru branch here at Town Hall on Saturday, September 1.

Addressing the gathering D V Sadananda Gowda said, "This is a great move by the government that offers a wide range of products such as savings and current accounts, remittances and money transfer, direct benefit transfers, bill and utility payments. Indian Post Payments Bank has been set up under the department of posts with 100% equity."

"IPPB will have over one lac access point in next six months, for which 3 lac Dak Sevaks will be trained. Prime Minister Modi has given importance for the country's economic balance. India has a GDP rate of 82% compared to China's 63%. We have improved a lot in ranking to reach to 100 from 140," the minister added.

D V Sadananda Gowda released a special cover on Indian post payment bank (IPPB) also on the occasion.

India has traditionally been a cash-dominated economy. In order to evolve as a digital economy, it is critical to have points of presence where cash can be converted to digital money. Department of posts, with its huge network consisting of 1,55,000 post offices with 80% rural penetration, is critical in enabling a digital economy. IPPB is structured as a digital bank and will leverage DOP's physical infrastructure to provide last mile bank services. IPPB will also focus on creating a digital acceptance ecosystem to further promote a cashless economy.

MP Nalin Kumar Kateel, MLA Vedavyas Kamath and others were present.