The Indian Institute of Corporate Affairs (IICA) and India Post Payments Bank today signed an agreement for the training of employees of the latter in the area of payment banking.

“Under the agreement, IICA has been entrusted with the key responsibility of capacity building of IPPB through training of its officials/employees besides providing research support by instituting Research Chairs in the emerging area of payment banking,” an official statement said.

“After the green and white revolution, a financial revolution in India is all set to transform the rural economy,” Corporate Affairs Secretary Injeti Srinivas said.

With the massive network of post offices, India Post Payments Bank (IPPB) can very effectively remedy the lack of financial inclusion in India, he added.

“Mobilization of household savings – a sound pillar giving strength to Indian economy – has been facilitated by Department of Posts since long,” said A N Nanda, Secretary, and Department of Posts.

IPPB is a flagship “financial inclusion” initiative of the government to cover a major portion of the country’s population that is outside the ambit of formal banking, it said.

Courtesy: Money Control