India Post Payments Bank's customer base crosses 5 Crore Mark

Today, IPPB announced that it has crossed the five-crore customer mark in 3 years of commencement of operations to become one of the fastest growing digital payments bank in the country.

IPPB opened up these five crore accounts in digital and paperless mode through its 1.36 lakh Post O?ces, out of which 1.20 lakh are in rural areas with the help of about 1.47 lakhs doorstep banking service providers. With this, IPPB has achieved the world’s largest digital ?nancial literacy programme by building a ?nancially aware and empowered customer-base leveraging the strength of 2,80,000 Post O?ce 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.

Interestingly, out of the total account holders, around 48% were women account holders; while 52% were male that indicated the Bank’s focus on bringing the women customers under the banking network. About 98% of accounts of women were opened at the doorsteps and over 68% of women were availing DBT bene?ts. In yet another milestone, IPPB revealed that it attracted youths to avail digital banking services. Over 41% of account holders were in the age group of 18 to 35 years.

 J. Venkatramu, MD & 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 Covid-19 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 & co-creation of suitable products & services.”

With this view, IPPB has been able to leverage upon its parental strength of Department of Posts and is steadily transforming and reshaping the ?nancial inclusion landscape across the country. In the near future, our endeavour is to build a uni?ed service platform o?ering various citizen-centric ?nancial services, including credit, at the doorstep by leveraging India stack such as JAM, Sahmati etc.