India Post Gets Govt Nod to Set Up Payments Bank

The Union Cabinet on Wednesday gave its approval to India Post to set up payments bank.

The government will set up 650 branches of the postal bank across the country by September 2017, Telecom Minister Ravi Shankar Prasad said.

Payments bank, aimed at improving financial inclusion, allows customers to transfer money or remittances using a mobile phone.

Source: Inshorts