India Post Payments Bank obliges staff to pay salaries in severe financial crisis

New delhi date. 24 October 2019 Thursday

India Post Payments Bank, which started just a year ago from Dhamma, was reported to have been suffering from severe financial crisis.

According to an English newspaper report, the Post Department seems to think that the postal account of the India Post Payments Bank is of no use. Atlas Bank has banned the new recruitment.

The telegraph account now seeks to convert this bank into a small finance bank and has sought permission from the Reserve Bank. If the Reserve Bank allows it, the India Post Payments Bank will be converted into a small finance bank, after which the bank can accept deposits of more than one lakh rupees.

According to knowledgeable sources, the bank had a deficit in its foundation when it started. His technique cost a lot of money. 1000 crores was spent on technique which was not required. Then there was also a lot of spending behind manpower.

Thus gradually the bank began to do damage rather than progress. The source said that the cost was becoming unbearable now. According to these sources, when PMC and other major banks were turned into insolvency, it was like thinking about how a bank like India Post Payments could be profitable.