India Post Payments Bank

Due to our lending obligations, we cannot directly lend, we are utilising Sidbi to provide the loans. Approval from the Reserve Bank of India is still pending, Senior official from IPPB said

Payments banks can receive deposits of up to ~2 lakh per customer, but cannot lend

India Post Payments Bank on Tuesday reported its first-ever operational profit of Rs 20.16 crore for 2022-23. The bank saw a 66.12 per cent growth in overall revenue. IPPB saw a 17.36 per cent increase in operating costs during the fiscal, a statement said. "IPPB... generated an operational profit of Rs 20.16 crore during 2022-23, culminating in a year of tremendous progress for the bank," the statement said. The bank's Managing Director and Chief Executive Officer J Venkatramu said initiatives like Jan Dhan Yojana, Aadhaar, and India Stack, along with regulatory push in the domain of financial inclusion contributed heavily to its success. "The bank's prudent financial management, backed by regulatory support, has paved the way for exponential growth in customer base and product offerings," he said. Going forward, IPPB aims to transform itself into a universal service platform, bridging last-mile accessibility gaps using Digital Public Infrastructure, the statement said. Prime .

The India Post Payments Bank has increased charges for the Aadhaar Enabled Payment System service. The revised AePS Issuer transaction charges will be effective from December 1, 2022

The support will help state-run payments bank to penetrate deeper into the country, especially in the rural area and work towards financial inclusion

Reaching to 50 mn customers in a short span of 3 years speaks of success of this model of providing cost - effective, easy and secure digital ecosystem, says Vineet Pandey, Secretary, Dept of Posts

India Post Payments Bank (IPPB) has joined hands with LIC Housing Finance for selling housing finance products of the latter to its 4.5 crore customers, a statement said on Tuesday.

Viability plan includes Rs 2,000-crore infusion

Under the deal, IPPB will use FSS' Aadhaar Enabled Payment System to deliver interoperable and affordable doorstep banking services to under-served and un-banked customers across India

On average, IPPB has been opening and maintaining a run rate of 33 lakh accounts per quarter.

India Post will partner with Common Service Centre to provide a suite of citizen centric services such as banking, remittance, insurance, DBT, bill and tax payments etc at post offices

Prime Minister Narendra Modi launched IPPB on September 1 last year with an aim to take banking services to the doorstep of every citizen

The IPPB had kicked-off its operations by rolling out pilot services in Raipur and Ranchi on January 30, 2017

The Post department serves 4 million customers and operates around 150,000 branches across the country with a workforce of 300,000 postmen

India Post Payments Bank has many hurdles to overcome

The freshly-minted payments bank will accept deposits of up to Rs 100,000

The India Post Payments Bank seeks to leverage the expansive network of the postal department to ensure financial inclusion for the masses

The IPPB will have 650 branches and 3,250 access points across the country

Ahead of India Post Payments Bank launch, men in khaki have been trained by NIBF

IPPB services are slated for a nationwide launch by the Prime Minister Narendra Modi on September 1