India Post Payments Bank's customer base crosses 5 Crore Mark

Tags: National News

India Post Payments Bank (IPPB), a ‘Digital-First Bank’ announced that it has crossed the five-crore customer mark in 3 years of commencement of operations to become one of the fastest-growing digital payments bank in the country.

• IPPB opened up these five crore accounts in digital and paperless mode through its 1.36 lakh Post Offices, out of which 1.20 lakh are in rural areas, with the help of about 1.47 lakhs doorstep banking service providers. With this, IPPB has achieved the world’s largest digital financial literacy programme by building a financially aware and empowered customer-base
• Out of the total account holders, around 48% were women account holders indicating the Bank’s focus on bringing women customers under the banking network. Out of those about 98% of accounts of women were opened at the doorsteps and over 68% of women were availing DBT benefits.
• In yet another milestone, IPPB revealed that it attracted youths to avail of digital banking services. Over 41% of account holders were in the age group of 18 to 35 years.

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India. 

• IPPB was launched by Prime Minister Shri Narendra Modi on September 1, 2018.
• IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.