The Government said that in its 8 years of services, India Post Payments Bank (IPPB) has on-boarded over 12 crore customers, processed billions of digital transactions, and enabled doorstep banking services across the country. In a statement, the Ministry of Communications said that since its inception, the Bank has emerged as one of the largest financial inclusion initiatives globally, leveraging the unmatched reach of more than 1.64 lakh Post Offices and more than 1.90 lakh Postmen and Gramin Dak Sevaks (GDS). IPPB was launched on this day in 2018 with the vision to build the most accessible, affordable and trusted bank for the common man in India.
The Ministry said that the bank has expanded into end-to-end DBT disbursements, pension payments, credit facilitation through referral tie-ups and insurance and investment products in collaboration with partner institutions. New offerings like DigiSmart, Premium Aarogya Savings Account, Aadhaar-based Face Authentication have added newer dimensions of customer convenience and on-demand availability of digital banking services. The Ministry further said that the RuPay Virtual Debit Card, AePS (Aadhaar-enabled Payment Services), cross-border remittances, and Bharat BillPay integration had made IPPB a truly comprehensive financial services provider at the grassroot levels.
