The department of posts would set up 650 branches of its India Post Payments Bank while it will facilitate baking through its existing 155,000 post offices, said minister for communications Manoj Sinha. He said on the World Post Day, the payments bank already has two functional offices in Raipur and Ranchi and the opening of the expected branches would push financial inclusion in the country’s remote villages. India Posts had recently awarded a contract for system integration of the bank to HPE. The department had received the final license to launch payments bank in January 2017 and the year’s union budget had provided for Rs 500 crore for the operations of the bank. As per the initial plan of the department, each of the post offices would offer banking services.
