India Post Payments Bank (IPPB) recently celebrated its 7th Foundation Day.
About India Post Payments Bank:
- IPPB was launched in 2018, under the Department of Posts, Ministry of Communication, with 100% equity owned by the Government of India.
- Objective: To provide accessible, affordable, and trusted banking services, especially to underserved and unbanked communities, leveraging the extensive postal network.
- Ownership: 100% government-owned bank.
- Network: Extensive postal network of 1,61,000+ Post Offices, with a significant presence in rural areas.
- Motto: Every customer is important, every transaction is significant, and every deposit is valuable.
Mission and Vision:
- Financial Inclusion: Aims to make banking accessible to every household, particularly in rural and remote areas, thereby contributing to socio-economic development.
- Digital India: Supports the vision of Digital India by promoting a less cash economy and financial empowerment.
Key Achievements:
- Customer Accounts: Over 9.88 crore customer accounts have been opened.
- Merchant Onboarding: More than 12 lakh merchants have been onboarded.
- Direct Benefit Transfers (DBT): Over ₹45,000 crore disbursed to beneficiaries under various government schemes.
- Aadhaar Updates: Facilitated mobile number updates for Aadhaar cards for over 7.10 crore customers.
- Digital Life Certificate: Enabled Digital Life Certificate services for more than 20 lakh pensioners.
Services and Operational Model:
- Network Coverage: Utilizes an extensive network of 161,000 post offices and 190,000 postal employees.
- Banking Services: Provides saving/current accounts, Direct Benefits Transfers, and bill and utility payments.
- Digital Innovation: Focuses on paperless, cashless, and presence-less banking using a CBS-integrated smartphone and biometric device.
- Languages: Services are available in 13 languages.
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Frequently Asked Question:
When was India Post Payments Bank launched?
India Post Payments Bank was launched in 2018, under the Department of Posts, Ministry of Communication, with 100% equity owned by the Government of India.
What is the objective of India Post Payments Bank?
The objective of India Post Payments Bank is to provide accessible, affordable, and trusted banking services, especially to underserved and unbanked communities, leveraging the extensive postal network.
What is the ownership structure of India Post Payments Bank?
India Post Payments Bank is a 100% government-owned bank, with the Department of Posts, Ministry of Communication, holding all the equity.
How extensive is India Post Payments Bank’s network?
India Post Payments Bank has an extensive postal network of over 1,61,000 Post Offices, with a significant presence in rural areas.
What is the motto of India Post Payments Bank?
The motto of India Post Payments Bank is “Every customer is important, every transaction is significant, and every deposit is valuable”, emphasizing the significance of every interaction and transaction.