The India Post Payments Bank (IPPB) has reached a major milestone towards achieving its financial inclusion goals through digital banking.
IPPB announced that it has crossed the 50 million customer mark in three years of commencement of operations to become one of the fastest-growing digital payments banks in the country.
IPPB opened these 50 million accounts in digital and paperless mode through its 1.36 lakh post oﬃces, out of which 1.2 lakh are in rural areas, leveraging the strength of 2,80,000 post oﬃce employees, with the help of about 1.47 lakh doorstep banking service providers. IPPB has taken digital banking to the grassroots through Interoperable Payments and Settlement Systems of NPCI, RBI and UIDAI offering services in over 13 languages.
Around 48% were women account holders which indicated the bank’s focus on bringing 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 beneﬁts. IPPB stated that it attracted youths to avail of digital banking services. Over 41% of account holders were in the age group of 18 to 35 years.
Vineet Pandey, Secretary, department of posts, said, “Reaching to 50 million customers in a short span of 3 years speaks of the success of this model of providing cost-eﬀective, simple, easy and secure digital ecosystem, particularly to rural India.”
J. Venkatramu, MD and CEO, IPPB said, “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 serving through collaboration and co-creation of suitable products & services.”