Union Finance Minister Piyush Goyal Lauds Unprecedented Growth of The India Post Payments Bank

Newdelhi:30/1/19:Union Minister of Railways, Coal, Finance and Corporate Affairs Shri Piyush Goyal has congratulated the Department of Posts and India Post Payments Bank  (IPPB) for their tremendous efforts in spreading the activities of the bank.  Speaking at a special function organized to mark completion of two years of IPPB since its pilot launch, in New Delhi today, he said that by leveraging all 1.55 lakh Post offices across the country, IPPB would be able to provide banking services to the last man in the rural and remote areas and help realizing the dream of Prime Minister Shri Narendra Modi of economic transformation and creation of New India with all-encompassing financial inclusion.

Union Minister of State for Communications (Independent Charge) & Minister of State for Railways Shri Manoj Sinha expressed satisfaction at the rapid scale up of the bank. He also commended the Bank’s efforts to simplify and popularize digital payments in the country

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A special commemorative stamp on Financial Inclusion designed by the famous artist and Padma Vibhushan awardee Shri Satish Gujral was released at the function. Also, a Coffee Table Book titled, ‘Breaking Barriers’ was also released on this occasion. The attractively illustrated book depicts the challenging journey of India Post Payments Bank (IPPB) in the last two years. The journey started on 20^th January 2017 when RBI granted a payments bank license to DoP. Within a record ten days on 30^thJanuary 2017, two pilot branches commenced operations at Raipur in Chhattisgarh and at Ranchi in Jharkhand along with 8 Access Points.

Shri Manoj Sinha also gave away the awards to the best performing Postal Circles, Regions, Divisions, Branches and the last mile agents which included Postmen, Postal Assistants and Gramin Dak Sewaks across many Circles. Telangana Circle got the most number of the awards.

Important Highlights

• Fastest Access Point ramp up in banking history with 125,000+ Access Points launched over a period of 4 months, at an average rate of over 800 per day.
• Largest digital literacy program ever, with 250,000+ postal employees trained and certified to provide banking services over last 5 months.
• Over 30 lakh customers availing banking services. 21 lakh transactions performed valued at over Rs 800 Crores.
• Over 1 lakh Post Office savings bank customers enjoying interoperable banking services by linking their Post Office Savings Account to the IPPB account.
• 800,000+ downloads of the IPPB mobile banking application.
• Digitization of over 10,000 Post Office counters through a simple QR code to accept electronic payments.
• Digital payments enabled for various Post Office Savings schemes; investments worth Rs 13 Crores facilitated through the same