India Post Payments Bank surpasses 2 Crore Customers

India Post Payments Bank

Ravi Shankar Prasad, the Union Minister for Communications, Electronics & IT and Law & Justice announced that India Post Payments Bank (IPPB) has achieved an important milestone of surpassing 2 crore customers, ensuring a major momentum to Government’s efforts in furthering financial inclusion in unbanked and underbanked areas across the country.

India Post Payments Bank

In August 2019, IPPB had covered 1 crore customers in just its first year of operations. The next 1 crore customers have been acquired in just 5 months. On an average, IPPB has been opening/maintaining a run rate of 33 lakh accounts per quarter.

Speaking on the milestone of 2 crore customers, Ravi Shankar Prasad, Union Minister for Communications, Electronics & IT and Law & Justice said, “The success of IPPB’s business model underlines the Government’s intent in creating an interoperable banking infrastructure for the public good contributing toward changing the financial inclusion landscape in India. Since its launch, IPPB has enabled more than 1.36 Lakh Post Offices and 1.9 Lakh Dakiyas to provide a complete suite of banking services at the doorstep of the customer providing access to any Aadhaar linked bank account, leading to an increase in rural banking infrastructure by almost 2.5 times.”

“IPPB has been a harbinger in realizing Hon’ble Prime Minister Narendra Modi’s vision of ushering economic transformation by bringing banks to the doorsteps of the villagers and the poor. While Jan Dhan Yojana was the first step in bringing crores of Indians into the financial mainstream, IPPB’s ability to provide Interoperable Doorstep banking services to customers of any bank including the over 38 crore Jan Dhan account holders captures the essence of IPPB’s motto of Aapka Bank, Aapke Dwaar. I wish DoP and IPPB all the success in their journey of creating newer milestones,” he further said.

With the unveiling of Aadhaar Enabled Payment System (AePS) Services in September 2019, IPPB is now the single largest platform in the country to offer interoperable banking services to the customers of any bank. With the help of AePS services, any person with an Aadhaar linked bank account, will be able to perform the basic banking services such as cash withdrawals and balance enquiry irrespective of the bank they hold their account with. To avail these services, a customer with an Aadhaar linked account can easily authenticate his/her identity with fingerprint scan and Aadhaar authentication to complete a transaction.

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