By TIOL News Service

NEW DELHI, JAN 03, 2018: INDIAN Institute of Corporate Affairs (IICA) and India Post Payments Bank (IPPB) signed here yesterday an Agreement. Under the Agreement, IICA has been entrusted with the key responsibility of capacity building of IPPB through training of its employees besides providing research support by instituting Research Chairs in the emerging area of payment banking.

In his Presiding Remarks, Mr Injeti Srinivas, Secretary, Ministry of Corporate Affairs (MCA) remarked that “after green and white revolution, a Financial Revolution in India is all set to transform the rural economy”. “With massive network of post offices, IPPB can very effectively remedy the lack of financial inclusion in India” said Mr Srinivas, Secretary, MCA, while speaking on the occasion of Agreement Signing Ceremony between Indian Institute of Corporate Affairs (IICA) and India Post Payments Bank (IPPB) in New Delhi today. Senior officials from the Ministry of Corporate Affairs (MCA) and Department of Posts, Faculty and officials from IICA and other invited guests participated in the ceremony.

IPPB is a flagship "financial inclusion" initiative of Government of India to cover major portion of the country's population that is outside the ambit of formal banking.

Speaking on the occasion, Mr Suresh Sethi, MD & CEO, IPPB, said that this is the largest financial literacy mission in the world. India Post Payments Bank can reach 6 times from the 50,000 branches currently. The rural banking infrastructure has the potential of increasing 10-fold. The India Post Payments Bank infrastructure will connect with the bigger banking infrastructure and provide inclusive banking services in the rural area. Training takes a central role as it impacts the operational efficiency as well proper utilisation of available technology. It will be agents’ and bankers’ understanding and initiative that will alleviate the fear of technology. Service orientation is also another critically important component. Shri Sethi remarked that standing on the principles of accessibility and affordability, IPPB is in the process of not only offering last mile delivery of financial services but also connect with larger financial ecosystem. IPPB is going to be the largest financial literacy programme anywhere in the world, he added.