India Post Payments Bank touches a new milestone, crosses 5cr mark in customer base

19 Jan 2022 , 12:18 PM

The Ministry of Communications announced that India Post Payments Bank (IPPB) 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.

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 can 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, 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.

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.

With this view, IPPB has been able to leverage upon its parental strength of the Department of Posts and is steadily transforming and reshaping the financial inclusion landscape across the country. Soon, IPPB 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.