India Post Payments Bank (IPPB) Celebrates 7th Foundation Day [Current Affairs]

India Post Payments Bank (IPPB), a key player in driving financial inclusion across India, proudly marked its 7th Foundation Day on September 2, 2024. Since its nationwide launch in 2018 by Prime Minister Shri Narendra Modi, the IPPB has been instrumental in transforming India’s financial landscape by providing accessible, affordable, and trusted digital banking services to underserved and unbanked families at their doorstep.

Leveraging India Post’s Extensive Network

The IPPB has made significant strides in bridging the financial inclusion gap by leveraging India Post’s extensive network of over 161,000 post offices and 1,90,000 postal employees. This vast reach has enabled the IPPB to reach millions of people across the country, especially in rural and remote areas, providing them with essential banking services.

Key Achievements

In just seven years, the IPPB has achieved remarkable milestones:

• Customer Growth: Acquired over 9.88 crore customer accounts.
• Merchant Onboarding: Onboarded more than 12 lakh merchants.
• Direct Benefit Transfers: Successfully disbursed over ₹45,000 crore in Direct Benefit Transfers (DBT) to beneficiaries under various government schemes.
• Aadhaar Updates: Facilitated mobile number updates for Aadhaar cards for over 7.10 crore customers.
• Digital Life Certificates: Enabled Digital Life Certificate services for more than 20 lakh pensioners.

Minister’s Statement

Shri Jyotiraditya Scindia, Minister of Communication, expressed his pride in the IPPB’s achievements and reaffirmed the government’s commitment to financial inclusion. He emphasized the bank’s role in making banking accessible to every household in India, especially in the most remote areas.

Future Outlook

On its 7th Foundation Day, the IPPB reiterated 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, the 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 Payments Bank

India Post Payments Bank (IPPB) is a 100% government-owned bank established under the Department of Posts, Ministry of Communication. Launched in 2018, the IPPB’s vision is to build the most accessible, affordable, and trusted bank for the common man in India.

Key Pillars of Operation

The IPPB’s 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. Leveraging frugal innovation and with a high focus on ease of banking, the IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.