India Post Signs MoU with Hindustan Zinc

  • India Post Payments, Bank (IPPB) and Hindustan Zinc Limited (HZL – a subsidiary of Vedanta Group) sign MoU.
  • For community beneficiaries around Hindustan Zinc’s operational areas.
  • To provide financial inclusion services.
  • IPPB foray into Corporate Social Responsibility activities.

Key Services:

  • Financial Inclusion.
  • Aid in opening bank accounts.
  • Access to pension products.
  • Long-term savings.
  • Access to investment schemes.
  • Will empower 3.5 Lakhs+ beneficiaries covering SHG women, farmers, and youth to become Individual Business Correspondents.
  • Promote government social welfare Schemes.
  • Assisting in availing income-generating loans.

About India Post Payments Bank:

  • Established under the Department of Posts, Ministry of Communication.
  • 100% equity owned by Government of India.
  • Launched on September 1, 2018.
  • To build the most accessible, affordable and trusted bank.
  • To remove barriers for the unbanked & under-banked.
  • Reach the last mile leveraging the Postal network comprising ~1, 65,000 Post Offices.
  • Operating model: Paperless, Cashless and Presence-less banking through a CBS-integrated smartphone and biometric device.
  • Delivers banking solutions through interfaces available in 13 languages across 5.57 lakh villages & towns.
Posted in Current Affairs.