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Press Release

NALCO CMD describes IPPB as a powerful measure for digitalization and inclusive growth

calender01/09/2018
IPPB-as-a-powerful-measure

Bhubaneswar, 01/09/2018: Aimed at speedy financial inclusion of all sections of the society, Dr. T.K Chand, CMD, NALCO, alongside Shri Pinaki Mishra, Hon’ble MP, Lok Sabha, and Shri Raghunath Mohapatra, Hon’ble MP, Rajya Sabha, today launched the much-awaited India Post Payments Bank (IPPB) in Puri.
The launch in Odisha followed the national roll out of IPBB by Honourable Prime Minister of India at a function in New Delhi. 33 branches and 165 Access Points all over Odisha Postal Circle was launched.

Dr. T.K.Chand, CMD, NALCO, said, ‘’The move to launch the IPBB is a powerful measure that will greatly benefit the masses, specially people from the rural pockets. This will provide an accessible, affordable and trusted Bank for the common man, to speedily achieve the objective of financial inclusion of the Government. The huge network of the Postal department can be leveraged effectively to achieve this objective.’’

It is worth mentioning that the Civil Society members present in the launch ceremony were highly appreciative of the gesture of Dr. Chand to transfer Rs 15000 from his salary account and distribute Rs 500 to each of the BPL girl children who have attended the function. Such a personal initiative of Dr. Chand has been there on earlier occasions as well, which shows his empathetic attitude towards the needs of the underprivileged section of society. No wonder this attitude has driven NALCO to develop a caring and sharing face of the organisation in matters of welfare and CSR.

Dr. Chand added that this initiative was the need of the hour as India aims to be a global superpower, which will not be possible if large sections of society were not digitally empowered to benefit from the banking services.
India Post Payments Bank is designed to extend financial inclusion through digital banking to all sections of the society, including the rural pockets of the country. The IPPB will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments.