Lagatar24 Desk
New Delhi, Jan 18: The India Post Payments Bank (IPPB), a ‘digital-first bank’ built on India Post’s physical distribution network, announced that it has surpassed the 5-crore customer mark in just three years of operations, making it one of the country’s fastest-growing digital payments banks.
With the support of roughly 1.47 lakh doorstep banking service providers, IPPB opened these five crore accounts in a digital and paperless manner through its 1.36 lakh Post Offices, of which 1.20 lakh are in rural regions.
With the help of 2,80,000 Post Office employees, IPPB has created the world’s largest digital financial literacy programme. IPPB further asserted that it has brought digital banking to the masses through the NPCI, RBI, and UIDAI Interoperable Payments and Settlement Systems, which offer services in over 13 languages.
Interestingly, women accounted for roughly 48 percent of total account holders, while men accounted for 52 percent. Approximately 98 percent of women’s accounts were opened at their doorsteps, and over 68 percent of women received DBT benefits. According to the IPPB, approximately 41% of account holders were between the ages of 18 and 35.
“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 is able to scale its customer acquisition on a fully digital and paperless banking platform serving people at their doorstep. The bank is committed to serve the rural, under-banked and unbanked citizens through collaboration & co-creation of suitable products & services,” said Venkatramu, MD & CEO, India Post Payments Bank.
“At India Post, we are committed towards becoming one of the largest ?nancial inclusion networks in India, covering both urban and rural India. Reaching to ?ve crore customers in a short span of 3 years speaks of the success of this model of providing cost – e?ective, simple, easy and secure digital ecosystem, particularly to rural India. We are happy that we could empower rural women too, to avail the banking services at their doorsteps,” said Shri Vineet Pandey, Secretary, Department of post.
