15 February 2017 Current Affairs: Government has allocated an amount of Rs 500 crore to India Post Payments Bank for the financial year 2017-18 to help it in setting up 650 branches across country by September 2017.
As per Output-Outcome Framework for Schemes 2017-18 for the Department of Posts released on February 13, 2017, out of the allocated amount, Rs. 125 crore has been allocated as “capital infusion into corporate entity for India Post Payments Bank” and Rs 375 crore as “grant in aid to India Post Payments Bank (IPPB)”.
Besides, Rs 110.83 crore has been allocated for establishing e-commerce, parcel booking, international business centres, Rs 73.5 crore for estates management, Rs 32 crore for mail operations and Rs 17.7 crore for equipments and IT infrastructure in rural post offices.
Apart from this, government has allocated Rs 3.8 crore for setting up 246 offices and 200 outlets for providing better access to communication and financial services.