While launching India Post Payments Bank in 2018, Prime Minister Narendra Modi said that IPPB would usher in economic transformation by bringing banks to the doorsteps of the villagers and the poor. Today the vision of PM Narendra Modi is getting true, as IPPB has reached 5 crore subscribers in only 3 years.
India Post Payments Bank (IPPB), a ‘digital-first bank’ built on India Post’s physical distribution network, announced that it has become one of the fastest-growing digital payments bank in the country to cross the five crore subscriber mark in 3 years of commencement of operations.
India Post Payments Bank opened these five crore accounts in digital and paperless mode through its 1.36 lakh post offices, of which 1.20 lakh are in rural areas with the help of about 1.47 lakh doorstep banking service providers.
IPPB achieved world largest digital financial literacy program
With this, IPPB has achieved the world’s largest digital financial literacy program leveraging the strength of 2.8 lakh post office employees. IPPB further stated that it has taken digital banking to the grassroots level in more than 13 languages through interoperable payments and settlement systems of NPCI, RBI and UIDAI.
48% of the total account holders are women
Interestingly, about 48% of the total account holders were women; While 52% were male. About 98% of women’s accounts were opened at the doorstep and more than 68% of women were availing DBT benefits. IPPB also said that over 41% of the account holders were in the age group of 18 to 35 years.
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 & co-creation of suitable products & services.”
Venkatramu also added, in the near future, our endeavour is to create a unified services platform offering various citizen-centric financial services including credit at the doorstep by leveraging India Stack like JAM, Sahmati etc.
India Post Payments Bank
India Post Payments Bank (IPPB) has been set up under the Department of Posts, Ministry of Communications with 100% equity owned by the Government of India. IPPB was launched on 1st September 2018 by Prime Minister Narendra Modi. The bank has been established with a vision to make the most accessible, affordable and reliable bank for the common man in India.