India Post Payments Bank (IPPB) Achieves 8 Crore Customers Milestone

India Post Payments Bank (IPPB) has just announced the attainment of a significant milestone, with eight crore customers now benefiting from its innovative and inclusive financial services.

Since its inception in 2018, the IPPB has been dedicated to providing accessible and affordable banking solutions to every corner of the nation. This remarkable achievement of reaching eight crore customers reflects the trust and confidence placed in IPPB by the people of India. The establishment of India Post Payments Bank was a strategic move to bridge the financial gap, empower the underserved population and drive financial inclusion through a combination of traditional and digital banking services.

With a commitment to financial inclusion, IPPB has played a pivotal role in empowering individuals across diverse demographics, including those residing in remote and underserved areas. The bank's focus on digital banking services has facilitated seamless transactions, making banking services accessible to a broader spectrum of the population.

“We are thrilled to announce that India Post Payments Bank has reached the milestone of 8 crore customers. This achievement is a testament to our mission of making banking services available to every Indian, regardless of their location or socio-economic status,” said Shri Easwaran Venkateswaran, MD & CEO (Interim) and COO of IPPB.

Last year in April, IPPB collaborated with Airtel to launch WhatsApp Banking Services for its customers, enabling them to access banking services on their mobile phone.

In December 2020, IPPB unveiled a digital payment app ‘DakPay’, as part of its continuous efforts to provide Digital Financial inclusion at the last mile across India.

The IPPB’s customer-centric approach, coupled with a wide network of post offices, has significantly contributed to this milestone. The bank remains committed to furthering financial inclusion, introducing innovative products and enhancing customer experience in the coming years.

"As we celebrate this achievement, we express our gratitude to our customers, stakeholders, and the dedicated team at the IPPB & Department of Posts for their unwavering support. The journey towards a financially inclusive India continues, and the IPPB remains at the forefront, driving positive change through accessible banking services, " said the press release by Ministry of Communications. 

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.

The IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, the IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.

It is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true – Every customer is important, every transaction is significant and every deposit is valuable.

Website: www.ippbonline.com

India Post Payments Bank (IPPB) and Airtel Launches WhatsApp Banking Services

Empower customers pan-India to access banking services on their mobile phones in just a few clicks 

Delivered on Airtel IQ, the messaging solution will augment the Govt.’s Digital India mission by enabling IPPB  customers across the country to seamlessly connect with their bank on WhatsApp 

India Post Payments Bank (IPPB), in collaboration with Airtel, announced the launch of WhatsApp Banking Services for IPPB customers in New Delhi on Friday, enabling them to access banking services on their mobile phone.

The newly launched IPPB WhatsApp Banking channel will enable IPPB customers to seamlessly connect with the bank on WhatsApp and effortlessly avail a host of banking services, including doorstep service request, locating nearest Post Office and much more. In line with the ambition of the Government to bring digital and financial inclusion to citizens in their language, the Airtel – IPPB WhatsApp Banking solution is also working on to build multi-language support, enabling added convenience to customers, especially to those in the rural parts of the country to access banking services in their preferred language.

Airtel has been working with IPPB to deliver as many as 250 million messages per month to the bank’s customers many of whom are located in mofussil towns and tier 2,3 cities. The addition of the WhatsApp messaging will add to customer’s accessibility to connect with the bank on their fingertips, furthering Digital India mission of the Government, as part of which IPPB has been working tirelessly to deliver banking services in the rural pockets of the country.

Shri Gursharan Rai Bansal, CGM & CSMO – India Post Payments Bank said, “We are delighted to work with Bharti Airtel as our partner in driving digital and financial inclusion in India. We believe that financial services driven by technology have great potential and can go a long way in ensuring that the best financial products reach the farthest corners of the country."

Shri Abhishek Biswal, Business Head - Airtel IQ said, “Airtel IQ is a robust, intuitive and secure cloud communication suite. With the addition of WhatsApp messaging to the existing SMS and voice communication that we offer to India Post Payments Bank customers, we will further enable a two-way communication between the bank and their customers. We are delighted to continue our association with IPPB to contribute significantly in making banking services more accessible to tier2,3 cities in the country. We promise to continue delivering customer centric solutions that offer greater convenience to customers."

The IPPB and Airtel IQ are working towards further integrating a LIVE interactive customer support agent into the WhatsApp solution which will enable customers to access 24X7 support and get quick resolutions for their queries.

Digital Payments’ Services by India Post Payments Bank ‘DakPay’ Launches

DakPay is double strength of service offerings in the form of online payments and home delivery of financial services – Minister Ravi Shankar Prasad

Department of Posts (DoP) and India Post Payments Bank (IPPB) unveiled a new digital payment app ‘DakPay’ at virtual launch event today. The App is launched as part of its ongoing efforts to provide Digital Financial inclusion at the last mile across India.

DakPay is not just a digital payment app but a suite of digital financial and assisted banking services provided by India Post & IPPB through the trusted Postal (‘Dak’) network across the nation to cater to the financial needs (‘Pay’) of various sections of the society – be it sending money to the loved ones (Domestic Money Transfers – DMT), Scan QR code and make payment for services/merchants digitally (Virtual debit card & with UPI), enabling cashless ecosystem through biometrics, providing interoperable banking services to the customers of ANY BANK (AePS) and Utility Bill Payment services.

At the launch event Minister Ravi Shankar Prasad appreciated India Post Payments Bank’s efforts during fight against Covid-19 by providing doorstep financial assistance through AePS leading to financial empowerment of the unbanked and the underbanked.

Announcing the launch of the “DakPay”, Shri Ravi Shankar Prasad, Union Minister for Communications, Electronics & IT and Law &Justice said, “India Post stood the test of times by serving the nation through various postal services digitally and physically during nationwide lockdown. Launch of DakPay adds up to the legacy of India Post which is about reaching out to every household. This innovative service will not only give access to banking services and postal products online, but also is a unique concept where one can order and avail postal financial services at doorsteps. I strongly believe that this double strength of service offerings in the form of online payments and home delivery of financial services combined with nationwide network of Postal department will be another big leap towards Prime Minister’s vision of a financially inclusive and an AatmaNirbhar Bharat.

On the occasion, Shri Pradipta Kumar Bisoi, Secretary (Posts) & Chairman, IPPB Board said that, “Dak Pay brings simplified payment solutions to all by offering all customers access to the banking and payments products and services either through an App or in assisted mode with the help of the trusted Postman. Dak Pay is truly an Indian solution designed to address the financial needs of every Indian”.

“The unveiling of DakPay is a landmark achievement in IPPB’s journey and will further deepen comprehensive financial inclusion to bring forth the dawn of a ‘Truly Inclusive Financial System’. Our motto is - Every customer is important, every transaction is significant and every deposit is valuable.” Said Mr. J Venkatramu, MD & CEO, India Post Payments Bank.

About India Post Payments Bank

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched by the Prime Minister Shri Narendra Modi on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.

IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.

IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true – Every customer is important, every transaction is significant and every deposit is valuable.

For further information on IPPB, visit www.ippbonline.com

India Post Payments Bank Crosses Milestone of 2 Crore Customers

 

• Milestone achieved in 17 months since launch of operations


• With Aadhaar Enabled Payment System (AePS), IPPB single largest platform in providing interoperable banking services 

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

In August last year, IPPB had reached the landmark of 1 crore customers in just its first year of operations. The next 1 crore customers have been acquired and onboarded 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, Shri 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 launch of Aadhaar Enabled Payment System (AePS) Services in September 2019, IPPB has now become the single largest platform in the country for providing interoperable banking services to the customers of any bank. With AePS services any common person with a bank account linked to Aadhaar can perform 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 simply authenticate his/her identity with fingerprint scan & Aadhaar authentication to complete a transaction. 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.

IPPB has implemented one of the largest ever digital financial literacy program by investing over 1 crore man hours in training and certifying more than 250,000 Postal Assistants, Postmen and GDS as Banking Service providers. The Bank has also digitized 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.

About India Post Payments Bank

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched by the Hon’ble Prime Minister Shri Narendra Modi on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.

IPPB’s reach and its operating model is built on the key pillars of India Stack - enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers' doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.

IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true - Every customer is important, every transaction is significant and every deposit is valuable. 

For further details, visit www.ippbonline.com