Speed Post News Network
New Delhi : What was termed as the biggest initiative of financial inclusion in the country by Prime Minister Narendra Modi 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.. On January 18, 2022, 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 bank in the country.
IPPB opened up these five crore accounts in digital and paperless mode through its 1.36 lakh Post Office 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 the 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 indicated the Bank’s focus on bringing the 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 youth to avail digital banking services. Over 41% of account holders were in the age group of 18 to 35 years, according to a PIB release..
Speaking about this landmark occasion, 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. Fve 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.”
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 serve the rural, under-banked and unbanked citizens through collaboration and co-creation of suitable products and services.”
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 Prime Minister 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.