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India Post Payments Bank to open 650 branches

The Indian government is planning to open nearly 650 branches of India Post Payments Bank as part of efforts to facilitate financial inclusion, the Press Trust of India reported Oct. 9, citing Communications Minister Manoj Sinha.

Through the payments bank branches, the government aims to push financial inclusion in 155,000 villages in India, Sinha said. He noted that there are already two branches operational in the cities of Raipur and Ranchi.

India's Department of Posts in January obtained a license from the Reserve Bank of India to commence operations of its payments bank.