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The government has allocated ₹500 crore to India Post Payments Bank for 2017-18 as it gears up to set up 650 branches across country by September 2017.
The government has allocated ₹125 crore as “capital infusion into corporate entity for India Post Payments Bank” and ₹375 crore as “grant in aid to India Post Payments Bank”, as per Output-Outcome Framework for Schemes 2017-18 for the Department of Posts released today.
India Posts is the second entity to roll out payments bank — though on a pilot basis.
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