India Post Payments Bank (IPPB) marks its 7th Foundation Day today, celebrating a significant milestone in its journey towards transforming India’s financial landscape. Launched on September 1, 2018, by Prime Minister Shri Narendra Modi, IPPB has been a driving force in enhancing financial inclusion across the country, especially in underserved and unbanked communities.
Key Achievements of India Post Payments Bank (IPPB):
- Customer Accounts: Acquired over 9.88 crore customer accounts.
- Merchant Onboarding: On-boarded more than 12 lakh merchants.
- Direct Benefit Transfers (DBT): Successfully disbursed over ₹45,000 crore in DBT under various government schemes.
- Aadhaar Services: Facilitated mobile number updates for Aadhaar cards for over 7.10 crore customers.
- Digital Life Certificate: Enabled Digital Life Certificate services for more than 20 lakh pensioners.
Minister of Communication Shri Jyotiraditya Scindia expressed pride in IPPB’s achievements and reaffirmed the commitment to expanding banking access. He stated, "As we celebrate seven years of empowering India’s underserved communities, we are proud of the impact IPPB has made so far. Our mission remains steadfast—to make banking accessible to every household in India, especially in the farthest corners of the country, including North-East. We look forward to continuing our journey towards financial inclusion with renewed vigour and innovation."
About India Post Payments Bank:
India Post Payments Bank, established under the Department of Posts, Ministry of Communication, is wholly owned by the Government of India. The bank's vision is to create the most accessible, affordable, and trusted banking service for the common man in India. Its primary objective is to eliminate barriers for the unbanked and underbanked, reaching the last mile through the extensive postal network.
With over 161,000 post offices and 190,000 postal employees, IPPB delivers banking services via a CBS-integrated smartphone and biometric device. The bank emphasizes digital innovation, providing paperless, cashless, and presence-less banking solutions in a secure and user-friendly manner. Available in 13 languages, IPPB offers simple and affordable banking solutions designed to contribute to a less cash economy and support the vision of Digital India.
Motto: “Every customer is important, every transaction is significant, and every deposit is valuable.”
As IPPB celebrates its 7th Foundation Day, it reaffirms its commitment to expanding its reach and enhancing service offerings, ensuring that no one is left behind in the journey towards financial inclusion.
