New Delhi: India Post Payments Bank (IPPB), a ‘digital-first bank’ has crossed the 50 million subscriber mark in three years of commencement of operations, the Ministry of Communications said on Tuesday. Thus it has become one of the fastest growing digital payments bank in the country to achieve this goal.
ANI has said in a tweet that IPPB has crossed the five crore mark in three years.
India Post Payments Bank (IPPB), a ‘digital-first bank’ has crossed the 50 million subscriber mark in 3 years of commencement of operations to become one of the fastest growing digital payments bank in the country: Ministry of Communications
— ANI (@ANI) 18 January 2022
IPPB has opened these five crore accounts in digital and paperless mode through its 1.36 lakh post offices, of which 1.20 lakh are in rural areas with the help of about 1.47 lakh doorstep banking service providers.
“With this, IPPB has achieved the world’s largest digital financial literacy program by leveraging the strength of 2,80,000 post office employees to create a financially aware and empowered customer base,” the Ministry of Communications said in a statement. It is said to have taken digital banking to the grassroots level in more than 13 languages through interoperable payments and settlement systems of NPCI, RBI and UIDAI.
With this, IPPB has achieved the world’s largest digital financial literacy program, leveraging the strength of 2,80,000 post office workers.
IPPB also said that it has taken digital banking to the grassroots level in over 13 languages through the interoperable payments and settlement systems of NPCI, RBI and UIDAI. About 98 per cent accounts of women were opened at the doorstep and more than 68 per cent women were availing the benefits of DBT.
According to IPPB, this attracted the youth to avail digital banking services. More than 41 per cent account holders were in the age group of 18 to 35 years.
Venkataramu, MD & CEO, India Post Payments Bank said, “It is a proud moment for the bank, as we have grown strongly by providing seamless banking and G2C services even during the pandemic while building this customer base. The bank is able to serve the customers at their doorstep on a completely digital and paperless banking platform. The Bank is committed to serve the rural, under-banked and non-banking citizens through collaboration and co-creation of suitable products and services.
,