India Post Payments Bank launches its digital payments services ‘DakPay’

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News: Department of Posts (DoP) and India Post Payments Bank(IPPB) has unveiled a new digital payment app ‘DakPay’.

Facts:

  • DakPay: To facilitate easy digital transactions and other banking services through the trusted Postal (‘Dak’) network across the nation to cater to the financial needs(‘Pay’) of various sections of the society.
  • Significance: The App is launched as part of its ongoing efforts to provide Digital Financial inclusion at the last mile across India.

Additional Facts:

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  • India Post Payments Bank(IPPB): It has been established in 2018;under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.
    • Mandate: To remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network.
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