India Post Payments Bank (IPPB) has achieved the milestone of two crore customers, providing a major impetus to the government's efforts in furthering financial inclusion in unbanked and underbanked areas across the country.
"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," Minister for Communications Ravi Shankar Prasad said on Thursday.
IPPB was launched by Prime Minister Narendra Modi on September 1, 2018. It reached the landmark of one crore customers in the first year of operations. The next one crore customers have been acquired and onboarded in just five months.
On average, IPPB has been opening and maintaining a run rate of 33 lakh accounts per quarter.
"Since its launch, IPPB has enabled more than 1.36 lakh post offices and 1.9 lakh postmen to provide a complete suite of banking services at the doorstep of customers providing access to any Aadhaar linked bank account, leading to an increase in rural banking infrastructure by almost 2.5 times," said Prasad.
With the launch of Aadhaar-enabled payment system (AePS) services in September 2019, IPPB has become the single largest platform in the country for providing interoperable banking services to the customers of any bank.
AePS services are bank-agnostic and are driven by an inexpensive infrastructure enabling low-cost delivery of doorstep banking services to every section of the society without discrimination.
The bank has also digitised all the post office counters through a simple QR code to accept electronic payments and also enabled direct payments into various post office saving schemes and purchase of postal products.
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