Since its inception in 2018, the IPPB has been dedicated to providing accessible and affordable banking solutions to every corner of the nation. This remarkable achievement of reaching eight crore customers reflects the trust and confidence placed in IPPB by the people of India. The establishment of India Post Payments Bank was a strategic move to bridge the financial gap, empower the underserved population and drive financial inclusion through a combination of traditional and digital banking services.
With a commitment to financial inclusion, IPPB has played a pivotal role in empowering individuals across diverse demographics, including those residing in remote and underserved areas. The bank's focus on digital banking services has facilitated seamless transactions, making banking services accessible to a broader spectrum of the population.
“We are thrilled to announce that India Post Payments Bank has reached the milestone of 8 crore customers. This achievement is a testament to our mission of making banking services available to every Indian, regardless of their location or socio-economic status,” said Shri Easwaran Venkateswaran, MD & CEO (Interim) and COO of IPPB.
Last year in April, IPPB collaborated with Airtel to launch WhatsApp Banking Services for its customers, enabling them to access banking services on their mobile phone.
In December 2020, IPPB unveiled a digital payment app ‘DakPay’, as part of its continuous efforts to provide Digital Financial inclusion at the last mile across India.
The IPPB’s customer-centric approach, coupled with a wide network of post offices, has significantly contributed to this milestone. The bank remains committed to furthering financial inclusion, introducing innovative products and enhancing customer experience in the coming years.
"As we celebrate this achievement, we express our gratitude to our customers, stakeholders, and the dedicated team at the IPPB & Department of Posts for their unwavering support. The journey towards a financially inclusive India continues, and the IPPB remains at the forefront, driving positive change through accessible banking services, " said the press release by Ministry of Communications.
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 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 India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.
The IPPB’s reach and its operating model is 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, the IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.
It is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have 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.
Website: www.ippbonline.com
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