Modi to inaugurate 650 branches of Post bank soon, says Manoj Sinha

New Delhi: Prime Minister Narendra Modi will soon inaugurate India Post Payments Bank operations with 650 branches across the country, Communications Minister Manoj Sinha said on Wednesday.

The India Post Payments Bank (IPPB) will have 1.55 lakh access points, of which 1.30 lakh will be in rural areas, and will work like a bank, he said in the Lok Sabha.

"Prime Minister will launch the India Post Payments Bank. The date of launch would be decided in a day or two," Sinha said during Question Hour. Payments banks can accept deposits up to Rs 1 lakh per account from individuals and small businesses.

Sinha also said the government has decided that every Lok Sabha constituency should have one Passport Seva Kendras. There are about 251 Passport Seva Kendras across the country and it has been decided that there should be at least one kendra within a 50 km radius, he added.