India Post Payments Bank's Customer Base Crosses 5-Crore Mark

IPPB opened up these five crore accounts in digital and paperless mode via its 1.36 lakh post offices, of which 1.20 lakh are in rural areas with the help of 1.47 lakh doorstep banking service providers

New Delhi: India Post Payments Bank (IPPB), a ‘digital-first bank’, has crossed the five-crore customer mark in three years of its commencement of operations, Ministry of Communication said on Tuesday. Thus it has become one of the fastest-growing digital payments bank in the country to achieve this target.

ANI in a tweet has said IPPB crossed the five-crore mark in three years. 

IPPB opened up these five crore accounts in digital and paperless mode through its 1.36 lakh post offices, of which 1.20 lakh are in rural areas with the help of about 1.47 lakh doorstep banking service providers.

The ministry of communications said in a statement, “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.”

With this, IPPB has achieved the world’s largest digital financial literacy programme leveraging the strength of 2,80,000 post office employees.

IPPB has also stated that it has taken digital banking to the grassroots levels through Interoperable Payments and Settlement Systems of NPCI, RBI, and UIDAI offering services in over 13 languages. About 98 per cent of accounts of women were opened at the doorsteps and over 68 per cent of women were availing DBT benefits.

According to IPPB, it attracted youths to avail digital banking services. Over 41 per cent of account holders were in the age group of 18 to 35 years.

Venkatramu, MD and CEO, India Post Payments Bank, said, “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 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 and co-creation of suitable products and services.”