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India Post Payments Bank’s customer base crosses 5 Crore Mark

Newdelhi:18/1/22:What was termed as the biggest initiative of financial inclusion in the country by the Prime Minister at its launch, the India Post Payments Bank (IPPB), a ‘Digital-First Bank’ built on the rails of wide physical distribution network of India Post under the Ministry of Communication, Government of India, has announced a major milestone since inception towards achieving its financial inclusion goals through digital banking.

Today, IPPB announced that it has crossed the five-crore customer mark in 3 years of commencement of operations to become one of the fastest-growing digital payments banks in the country.

IPPB opened up these five crore accounts in digital and paperless mode through its

1.36 lakh Post Offices, out of which 1.20 lakh are in rural areas with the help of about 1.47 lakhs doorstep banking service providers. With this, IPPB has achieved the world’s largest digital financial literacy programme by building a financially aware and empowered customer base leveraging the strength of 2,80,000 Post Office employees. IPPB has further stated that it has taken digital banking to the grassroots levels through Interoperable Payments and Settlement Systems of NPCI, RBI and UIDAI offering services in over 13 languages.

Interestingly, out of the total account holders, around 48% were women account holders; while 52% were male that indicating the Bank’s focus on bringing women customers under the banking network. About 98% of accounts of women were opened at the doorsteps and over 68% of women were availing DBT benefits. In yet another milestone, IPPB revealed that it attracted youths to avail of digital banking services. Over 41% of account holders were in the age group of 18 to 35 years.

Speaking about this landmark occasion, Shri Vineet Pandey, Secretary, Department of Posts said, “At India Post, we are committed towards becoming one of the largest financial inclusion networks in India, covering both urban and rural India. Reaching to five crore customers in a short span of 3 years speaks of the success of this model of providing cost – effective, simple, easy and secure digital ecosystem, particularly to rural India. We are happy that we could empower rural women too, to avail the banking services at their doorsteps.”

Shri J. Venkatramu, MD & CEO, India Post Payments Bank said, “It is a moment of pride for the Bank, as we have moved from strength to strength while building this customer base while providing uninterrupted banking and G2C services even during the Covid-19 Pandemic. The Bank is able to scale its customer acquisition on a fully digital and paperless banking platform serving people at their doorstep. The bank is committed to serving the rural, under-banked, and unbanked citizens through collaboration & co-creation of suitable products & services.”

With this view, IPPB has been able to leverage upon its parental strength of Department of Posts and is steadily transforming and reshaping the financial inclusion landscape across the country. In the near future, our endeavour is to build a unified service platform offering various citizen-centric financial services, including credit, at the doorstep by leveraging India stack such as JAM, Sahmati etc.

About India Post Payments Bank:

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched by the Hon’ble Prime Minister Shri Narendra Modi on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable, and trusted bank for the common man in India. The fundamental mandate of IPPB is to remove barriers for the unbanked and under-banked and reach the last mile leveraging the postal network. IPPB’s reach and its operating model are built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages. IPPB is committed to providing a fillip to a less-cash economy and contributing to the vision of Digital India. India will prosper when every citizen will have an equal opportunity to become financially secure and empowered. Our motto stands true – Every customer is important; every transaction is significant, and every deposit is valuable. For further information on IPPB, visit www.ippbonline.com

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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