| India Post Payments Bank | |
| Type: | Division of Indian Post |
| Industry: | Financial services |
| Predecessors: | --> |
| Successors: | --> |
| Founders: | --> |
| Hq Location City: | New Delhi |
| Hq Location Country: | India |
| Area Served: | India |
| Products: | Banking |
| Services: | Financial Services |
| Owner: | India Post, Department of Post, Ministry of Communications, Government of India |
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 March 2024, the bank has more than 9 crore customers.[1]
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.[3]
The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi. In August 2018, the Union Cabinet approved the cost of 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.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]