Has India Post Payments Bank Achieved a 12 Crore Customer Milestone?

New Delhi, Sep 3 (NationPress) India Post Payments Bank (IPPB), which recently marked its eighth anniversary known as IPPB Day, has successfully surpassed the 12-crore customer milestone, as reported by the Ministry of Communications.

This achievement represents a significant step in reshaping the banking sector by providing inclusive, accessible, and affordable services at the grassroots level.

Initiated in September 2018, IPPB has rapidly become one of the largest global financial inclusion endeavors. It capitalizes on the extensive reach of over 1.64 lakh post offices and more than 1.90 lakh postmen and gramin dak sevaks (GDS), according to the Ministry.

“With over 12 crore customers now onboard, we have processed billions of digital transactions and facilitated doorstep banking services across rural, semi-urban, and remote locales,” the Ministry stated.

“IPPB showcases that financial inclusion is not merely an aspiration but a tangible reality. Through our unique postal banking model, we have empowered millions of Indians, especially in rural and underserved communities, by bringing banking services to their doorsteps,” remarked Vandita Kaul, Chairman of IPPB.

“This journey establishes a global standard for effective last-mile financial service delivery. Celebrating our 8th anniversary is even more meaningful as we achieve the 12 Crore Customer milestone,” she added.

The Ministry highlighted recent advancements that have enhanced IPPB’s service offerings. The bank has extended its services to include end-to-end DBT disbursements, pension distributions, credit facilitation via referral partnerships, and insurance and investment products in collaboration with various institutions.

New initiatives, such as DigiSmart (Digital Savings Accounts), Premium Aarogya Savings Account (a banking account with healthcare benefits), and Aadhaar-based Face Authentication, have introduced new levels of convenience and immediate access to digital banking services.

Features like the RuPay Virtual Debit Card, AePS (Aadhaar-enabled Payment Services), cross-border remittances, and Bharat BillPay integration have established IPPB as a comprehensive financial services provider at the grassroots level.

As we celebrate our 8th anniversary, we take pride in IPPB’s impact on enhancing access to financial services for over 12 crore customers. Our postmen and GDS have effectively become bankers for the common citizen, facilitating transactions worth lakhs of crores right at their doorsteps. With the inclusion of digital payments and various customer-oriented services, we are creating a robust and inclusive financial ecosystem. The future of banking lies at the last mile, and IPPB is at the forefront of this transformation,” stated R. Viswesvaran, MD and CEO of IPPB.