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India Post Payments Bank

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India Post Payments Bank
Company typeDivision of Indian Post
IndustryFinancial services
Founded30 January 2017; 7 years ago (2017-01-30)
Headquarters
New Delhi
,
India
Area served
India
Key people
  • Vineet Pandey, IPoS
    (Secretary, Department of Posts)
ProductsBanking
ServicesFinancial Services
OwnerIndia Post, Department of Post, Ministry of Communications, Government of India
Websiteippbonline.com

India Post Payments Bank, abbreviated as IPPB, is a division of India Post that is under the ownership of the Department of Post, a department under the Ministry of Communications of the Government of India. Opened in 2018, as of March 2024, the bank has more than 9 crore customers.[1]

History

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A postage stamp released during the launch of India Post Payments Bank in 2017.

On 19 August 2015, the India Post received a licence to run a payments bank from the Reserve Bank of India. On 17 August 2016, it was registered as a public limited government company for setting up a payments bank.[2] IPPB is operating with the Department of Posts under the Ministry of Communications.[2][3]

The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi.[2] In August 2018, the Union Cabinet approved the cost of ₹1,435 crore (US$170 million) for setting up the bank.[4] The first phase of the bank, with 650 branches and 3,250 post offices as access points was inaugurated on 1 September 2018.[5][6] Over ten thousand postmen have been roped into the first phase.[7][8] By September 2020, the bank had acquired about 3.5 crore customers.[9] The bank had acquired about 4 crore customers by December 2020. In January 2022, India Post Payments Bank has crossed 8 crore customers mark. [10]

Services

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IPPB branch at the Head Post Office in Mehsana

IPPB aims to utilize all of India's 155,015 post offices as access points and 3 lakh postal postmen and Grameen Dak Sewaks to provide doorstep banking services.[2][3]

The Prime Minister of India, Narendra Modi, at the launch of the India Post Payments Bank, in New Delhi on 1 September 2018. The Minister of State for Communications (I/C) Manoj Sinha, the Secretary (Post), Ananta Narayan Nanda and IPPB CEO and MD. Suresh Sethi are also seen.

IPPB offers savings accounts, money transfer and insurances through the third parties, bill and utility payments.[2][11][12]

The bank also provides features like:

IPPB has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts.[13]

See also

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References

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  1. ^ "India Post Payments Bank Celebrates Milestone Achievement of Eight Crore Customers!". pib.gov.in. Retrieved 18 January 2024.
  2. ^ a b c d e "About IPPB - IPPB". ippbonline.com. Retrieved 5 September 2018.
  3. ^ a b "All you want to know about...India Post Payment Bank". @businessline. Retrieved 5 September 2018.
  4. ^ Press Information Bureau. "Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank". pib.nic.in. Retrieved 5 September 2018.
  5. ^ "India Post Payments Bank launched: Some important facts about IPPB". dna. Retrieved 5 September 2018.
  6. ^ Agarwal, Nikhil (4 September 2018). "India Post Payments Bank replaces ATM/debit cards with QR cards. How to use them". Livemint. Retrieved 5 September 2018.
  7. ^ Sharma, Devansh (20 August 2018). "Your friendly neighbourhood postman is about to become a banker". The Economic Times. Retrieved 5 September 2018.
  8. ^ Sengupta, Devina; Singh, Karunjit (31 August 2018). "Government expects India post payments bank to be profitable after 2 years: Communications minister Manoj Sinha". The Economic Times. Retrieved 5 September 2018.
  9. ^ "India Post Payments Bank adds 2.48 crore customers in a year". September 2020.
  10. ^ "India Post Payments Bank customer base crosses 5-crore mark". The Economic Times. Retrieved 19 January 2022.
  11. ^ Gupta, Komal (3 September 2018). "Explained: India Post Payments Bank, in 5 points". Livemint. Retrieved 5 September 2018.
  12. ^ "India Post Payments Bank will deliver banking services to every Indian's doorstep, says PM Modi". www.businesstoday.in. Retrieved 27 September 2018.
  13. ^ Livemint (31 August 2018). "India Post Payments Bank launched: 10 things to know". Mint. Retrieved 27 September 2018.
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