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Postal dept's payments bank to employ 350,000

Earlier, the department of posts had to set up 650 IPPB branches over three years

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Karan Choudhury New Delhi
Telecom minister Ravi Shankar Prasad on Thursday asked the department of posts to speed up the setting up of all 650 payments bank branches by September 2017.

"The minister on Thursday met the postal services board for India Post Payments Bank (IPBB) and asked them to speed up the process of setting up this entity by September 2017 as desired by prime minister Narendra Modi. There will be more than 350,000 employees who are being trained in phases," said an official.

The Union Cabinet on Wednesday cleared a proposal to set up India Post Payments Bank, with a corpus of Rs 800 crore and has plans to have 650 branches operational by September 2017. It will be further scaled up to cover the entire country by the end of 2018-19.
 

Earlier, the department of posts had to set up 650 IPPB branches over three years. With the advancement of target, the department of posts will set up 50 branches by March, 125 by April, 200 in May, 300 in June, 400 in July, 525 in August, and 650 by September.

"The minister will hold review meetings every fortnight," the source said. Prasad has asked the department to hire managing director and chief executive of IPPB by August and set up a selection committee for hiring the chief financial officer by June 15. The minister has also advanced dates for giving handheld devices to 130,000 grameen dak sevaks.


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First Published: Jun 03 2016 | 12:34 AM IST

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