Finance Minister Nirmala Sitharaman on Tuesday announced that it will set up as many as 100 branches of India Post Payments Bank (IPPB) in Northeastern states of the country.
“More than 100 branches of India Post Payments will be set up in the North-East region to expand banking services,” Sitharaman said in her union budget address.
The announcement was made by Finance Minister Nirmala Sitharaman in the Union Budget for 2024-25.
IPPB has crores of accounts at present and operates through lakhs of branches.
India Post Payments Bank, abbreviated as IPPB, is a division of India Post that is under the ownership of the Department of Post, a department under the Ministry of Communications of the Government of India.
Opened in 2018, as of March 2024, the bank has more than 9 crore customers.
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