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Detailed explanation-1: -UPSC Mains. Q. The Union Cabinet approved an additional funding of Rs 820 crore for which bank, to expand its services? Notes: The Union Cabinet approved an additional funding of Rs 820 crore for India Post Payments Bank (IPPB) for expansion of its services to all post offices in the country.

Detailed explanation-2: -The Union Cabinet on Wednesday approved an additional funding of Rs 820 crore for India Post Payments Bank (IPPB) that will be utilised for expansion of its services to all post offices in the country.

Detailed explanation-3: -India Post Payments Bank (IPPB) was setup under the Department of Post, Ministry of Communication with 100% equity owned by Government of India.

Detailed explanation-4: -Features of Payment Banks It needs to have a minimum paid-up capital of Rs. 100,00,00,000. Minimum initial contribution of the promoter to the Payment Bank to the paid-up equity capital shall at least be 40% for the first five years from the commencement of its business.

Detailed explanation-5: -On April 11, 2016, Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). It intends to bring banking services to the doorstep of every citizen of the country.