India Post Payments Bank To Be Converted Into Small Finance Bank; Will provide micro credits

Indian postal department will convert the India Post Payments Bank into a SFB, i.e. small finance bank. The new entity will offer small loans to customers, with an aim to open 1 crore accounts in the first 100 days.

India Post will partner with Common Service Centre to provide a suite of citizen centric services such as banking, remittance, insurance, direct benefit transfer, bill and tax payments etc at post offices.