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PM launches India Post Payments Bank aimed at financial inclusion

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New Delhi, Sep 1 (IANS) Prime Minister Narendra Modi on Saturday launched India Post Payments Bank (IPPB) aimed at strengthening financial inclusion by taking banking services to the unbanked rural areas across the country.

The payments bank would initially provide current and savings account facility at 650 post offices and 3,250 access points.

“The India Post Payments Bank will further the process of financial inclusion which started with the launch of Jan Dhan Yojana launched in 2014,” said the Prime Minister speaking at the launch.

By 2018-end, the number of access points would increase to 1.55 lakh, of which 1.30 lakh branches would be in rural areas, according to the Communications Ministry.

“The Indian Postal Department has 1.5 lakh post offices and more than 3 lakh postmen. We have taken the onerous task of linking such an extensive system with technology to build the most powerful system. Now the postman is equipped with a smartphone and has a digital device in his bag,” Modi said.

Farmers and daily wage earners under the Pradhan Mantri Fasal Beema Yojana and Mahatma Gandhi National Rural Employment Guarantee scheme would be among the key beneficiaries as they can receive their claims through the payments bank, he said.

According to the Communications Minister Manoj Sinha, people can open their accounts in the bank in less than a minute through Aadhaar cards and transactions can be done through Quick Response (QR) card provided by the bank without the need to remember account numbers and passwords.

Account holders of the Post Office Savings Bank would also be able to avail of IPPB services by linking their accounts, he added.

Although payment banks are not mandated by the Reserve Bank of India to provide loans and insurance, IPPB has tied up with the Punjab National Bank and would work as an agent of the bank to provide loans to the account holders. Interest on loans would be the rate PNB charges and IPPB would not charge any commission for its service.

The bank would provide services such as current account, savings account, remittances, money transfer, direct benefit transfer, enterprise and merchant payment, the minister said, adding that the services would be available through multiple channels, including counter services, micro ATM, mobile banking applications, SMS and IVR (Interactive Voice Response).

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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