Indian Post Payments Bank (IPPB) has taken a huge step towards achieving its vision. This will further the development of Indian economy through financial inclusion which is the need of the hour. Let us discuss how?
- IPPB was set up way back in 2018 to provide easy banking services to rural areas where 65% of Indian population still lives.
- Post Offices are most effortless medium of doing transactions for migrant labor workforce, villagers and unorganized sector entities.
- Now, the good part is IPPB has collaborated wit Ria Money Transfer (a subsidiary of Euronet Worldwide Inc.) to initiate international money transfers with ease.
- It is seen that many people from rural areas migrate and work in other countries such as Dubai, Thailand, Malaysia, Finland and Australia. In such scenario, they face a lot of difficulty in transferring money to their families living in rural areas where there is limited banking access, Now, this move will ensure to transfer money to the nearest post office in such areas.
- It is pertinent to note that Ria Money Transfer has a network of agents present in all the continents of the world making it one of the four big remittance companies.
- R Viswesvaran, MD & CEO, IPPB stated that these remittances are “a lifeline that supports education, healthcare and daily living expenses.”
It is commendable that rural areas are greatly focused upon for micro-finance services. This will also decrease urbanization rate, which will eventually ensure availability of proper facilities to everyone in the country.
