The Union Cabinet has approved financial support of Rs 8.2 lakh crore to India Post Payments Bank, a source said on Wednesday. The support will help state-owned payment banks penetrate deeper into the country, especially in rural areas, and work towards financial inclusion.

Financial support of Rs 8.2 lakh has been proposed to India Post Payments Bank (IPPB), and the Cabinet has approved it, reports media. IPPB currently has over 50 million accounts and operates through 136,000 branches. About 48% of account holders are women.

The IPPB plays an essential role in achieving the government’s social goals. Support will help the IPPB advance the government’s financial inclusion agenda, especially in rural areas.