Post Payments Bank

Context: India Post Payments Bank enter into MoU with Hindustan Zinc to offer financial inclusion services to its CSR beneficiaries.

Significance of the MOU:

• The collaboration will ensure in creating a lasting impact on the lives of community beneficiaries around Hindustan Zinc’s operational areas. 
• The key services provided by the IPPB will ensure Financial Inclusion and ensure aid for opening bank accounts, access to pension products, long-term savings, and investment schemes.
• It will further aid in providing support and Empowering 3.5 Lakhs+ beneficiaries covering SHG women, farmers, and youth to become Individual Business Correspondents for various IPPB services.
• It will additionally promote government social welfare Schemes through the IPPB  banking channels and assisting beneficiaries in availing income-generating loans through IPPB’s lending partners.
• With this collaboration IPPB, a public limited company under the Department of Posts, reinforce its commitment to reach out to the last mile with best-in-class digital banking services.
• The partnership also underscores Hindustan Zinc’s unwavering commitment to its social responsibility, contributing to the sustainable development of the regions it operates in, and solidifies its reputation as a leader in driving positive change.

About India Post Payments Bank

• India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.
• The IPPB was launched on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India.
• The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.
• The IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device.
• Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages to more than 8 Crore customers across 5.57 lakh villages & towns in India.

About Hindustan Zinc

• Hindustan Zinc, a Vedanta Group company in Zinc-Lead and Silver business is world’s 2^nd largest integrated Zinc producer and 5^th largest Silver producer.
• The company governs about 80% of the growing Zinc market in India with its headquarters at Udaipur along with Zinc-Lead mines and smelting complexes spread across the state of Rajasthan.