India Post Payment Bank

Context:

  • India Post Payments Bank’s customer base crosses 5 Crore Mark
  • Becomes one of the fastest growing digital payments bank in Country
  • Reaching to five crore customers in a short span of 3 years speaks of success of this model of providing cost – effective, simple, easy and secure digital ecosystem, says Shri Vineet Pandey, Secretary, Department of Posts
  • Bank is committed to serve rural, under-banked and unbanked citizens through collaboration & co-creation.

Background:

  • What was termed as the biggest initiative of financial inclusion in the country by the Prime Minister 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.
  • IPPB opened up these five crore accounts in digital and paperless mode through its1.36 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.
  • 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 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.

Source: THE HINDU.

Leave a Comment