India Post Payments Bank, abbreviated as IPPB, is a division of India Post that is under the ownership of the Department of Post, a department under the Ministry of Communications of the Government of India. Opened in 2018, as of January 2024, the bank has more than 8 crore customers.[1]
Company type | Division of Indian Post |
---|---|
Industry | Financial services |
Founded | 30 January 2017 |
Headquarters | , India |
Area served | India |
Key people |
|
Products | Banking |
Services | Financial Services |
Owner | India Post, Department of Post, Ministry of Communications, Government of India |
Website | ippbonline |
On 19 August 2015, the India Post received a licence to run a payments bank from the Reserve Bank of India. On 17 August 2016, it was registered as a public limited government company for setting up a payments bank.[2] IPPB is operating with the Department of Posts under the Ministry of Communications.[2][3]
The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi.[2] In August 2018, the Union Cabinet approved the cost of ₹1,435 crore (US$180 million) for setting up the bank.[4] The first phase of the bank, with 650 branches and 3,250 post offices as access points was inaugurated on 1 September 2018.[5][6] Over ten thousand postmen have been roped into the first phase.[7][8] By September 2020, the bank had acquired about 3.5 crore customers.[9] The bank had acquired about 4 crore customers by December 2020. In January 2022, India Post Payments Bank has crossed 8 crore customers mark. [10]
IPPB aims to utilize all of India's 155,015 post offices as access points and 3 lakh postal postmen and Grameen Dak Sewaks to provide doorstep banking services.[2][3]
IPPB offers savings accounts, money transfer and insurances through the third parties, bill and utility payments.[2][11][12]
The bank also provides features like:
IPPB has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts.[13]