India Post Payments Bank (IPPB) is an accessible, affordable and reliable bank for the common man. With help of just an Aadhaar Card any person in a village can avail banking facilities provided by IPPB by requesting for the same from the local Postman/Gramin Dak Sevak.
IPPB services are available across 1,36,000 post offices in the country, of which more than 1,20,000 post offices are in rural areas. This is two and a half times the number of bank branches in rural areas More than 3 lakh postmen and Gramin Dak Sevaks are providing doorstep banking facilities from IPPB to the people at their doorstep through mobile phones and biometric devices.
Prime Minister Modi had emphasized during the launch function of the bank that now a customer just by sending a message to Postman can avail banking facilities at the doorstep without any minimum limit of transaction amount. PM Modi was the first to open his account by sending a message from phone.
India Post is the largest postal network in the world. It has been providing financial services through small savings schemes, money orders and postal insurance for more than a hundred years. However, prior to IPPB, it was not part of the banking system and was not equipped to provide all banking services.
India Post Payments Bank (IPPB) was started to provide comprehensive banking services including digital financial services (via Internet and Mobile Banking) to all Indians. India Post Payments Bank (IPPB) was launched under the Department of Posts, Ministry of Communications, Government of India.
Its 100 percent ownership is with the Government of India. Hon’ble Prime Minister shri Narendra Modi launched IPPB on 1st September, 2018. The network of the postal department is very large and its reach extends to all corners of the country. IPPB was formed with the objective of providing accessible, affordable and reliable bank for the common man of India by leveraging the network of the Department of Posts.
Finance Minister’s Initiatives in 2014 Hon’ble Finance Minister while presenting the above idea in the Union Budget 2014-15 on July 10, 2014 said, “RBI will create a framework for licensing small banks and other differentiated banks. Differentiated banks serving niche interests, local area banks, payment banks etc. are contemplated to meet credit and remittance needs of small businesses, unorganized sector, low income households, farmers and migrant work force.”
Based on this clear policy direction, Reserve Bank of India (RBI) on November 27, 2014 issued Guidelines for Licensing of Payment Banks. Department of Posts applied for a payments bank license on January 30, 2015 and was granted an in-principle license to set up India Post Payments Bank on September 7, 2015
• 1.47 Lakh Doorstep Banking Service Providers - who are providing door-to-door banking services
• 1.36 lakh post offices - 1.20 lakh post offices in rural areas.
• 4.4 Crore IPPB bank accounts opened in Digital and Paperless mode - 90% of the customers are from rural India.
• Every second bank account in IPPB is held by women and 95% of these accounts are active. Accounts of 98% women have been opened at Doorstep.
• More than 68% of Women account get DBT benefit.
• Customer deposits balance of more than Rs 2502 crore.
• More than 24.80 crores financial transactions involving Rs 77,486 crores.
• 90% of IPPB customers are transacting on assisted mode through Postman and Gramin Dak Sevak who are equipped with smartphones and biometric devices and are providing simplified banking services to remote areas.
• More than 3.20 crore DBT Disbursement transactions worth Rs 3,496 crore
• More than Rs 12,950 crore disbursed to “customers of other banks” through over 5.0 crore Aadhaar Enabled Payment Service (AEPS) transactions.
• More than Rs 12,105 crore delivered at door steps of customers in hotspots and migrant camps during the COVID-19 lockdown, reducing their need to step out of their homes thus containing the spread of the virus COVID-19.
• Consumers of the Department of Posts (India Post) and India Post Payments Bank (IPPB) can now transact banking services through the ‘DakPay’ App. Shri Ravi Shankar Prasad, Former Minister of Communications and Information Technology launched this app on 15 December 2020. DakPay will offer digital financial and banking services being provided through the postal network by India Post and IPPB across the country. So far, more than 93 lakh IPPB mobile apps have been downloaded.
• IPPB offers the facility to open Zero Balance Savings Account
