India Post Payments Bank's customer base crosses 5 Crore Mark
- 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 the 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 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 youths to avail digital banking services.
- Over 41% of account holders were in the age group of 18 to 35 years.
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 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, IPPB delivers simple and aﬀordable banking solutions through intuitive interfaces available in 13 languages.
- IPPB is committed to provide a ﬁllip to a less cash economy and contribute to the vision of Digital India.