01 September 2024: India Post Payments Bank (IPPB), a key player in driving financial inclusion across the country, proudly marks its 7th Foundation Day (IPPB Day) today.
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| India post payments bank celebrates 7th foundation day #bank |
Since its nationwide roll-out in 2018 by Prime Minister Shri Narendra Modi, the IPPB has been at the forefront of transforming India's financial landscape by providing accessible, affordable and trusted digital banking services to underserved and unbanked families at their doorstep.
The IPPB has made significant strides in bridging the financial inclusion gap, leveraging India Post's extensive network of over 161,000 post offices and 1,90,000 postal employees during the last seven years.
The IPPB’s innovative approach has ensured that millions of people across the country, especially in rural and remote areas, have access to essential banking services, thereby contributing to the socio-economic development of the nation by empowering every household with Doorstep Digital Banking Services.
Key Achievements of India Post Payments Bank (IPPB)
Acquired over 9.88 crore customer accounts. On-boarded more than 12 lakh merchants.
Successfully disbursed over ₹45,000 crore in Direct Benefit Transfers (DBT) to beneficiaries under various government schemes.
Facilitated mobile number updates for Aadhaar cards for over 7.10 crore customers.
Enabled Digital Life Certificate services for more than 20 lakh pensioners.
Minister of Communication Shri Jyotiraditya Scindia said, "As we celebrate seven years of empowering India’s underserved communities, we are proud of the impact IPPB has made so far.
Our mission remains steadfast—to make banking accessible to every household in India, especially in the farthest corners of the country, including the North-East. We look forward to continuing our journey towards financial inclusion with renewed vigour and innovation."
On the occasion of its 7th Foundation Day, the IPPB reaffirms its commitment to expanding its reach and enhancing its service offerings to meet the evolving needs of its customers. With a focus on digital innovation, IPPB aims to further simplify banking for every Indian, ensuring that no one is left behind in the journey towards financial inclusion.
About India Post Payment Bank:
India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India. It was launched on September 01, 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 1,61,000+ Post Offices (1,43,000 in rural areas) and 190,000+ Postal employees.
The IPPB’s reach and its operating model are built on the key pillars of India Stack - enabling paperless, cashless and presence-less banking simply and securely 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, it 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.
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