India Post Payments Bank has 8 crore customers now

India Post Payments Bank has 8 crore customers now

The India Post Payments Bank (IPPB) on Monday announced that nearly 8 crore customers are now benefiting from its innovative and inclusive financial services, calling it a significant milestone in its journey that began in September 2018.

Since its inception, the IPPB has been providing accessible and affordable banking solutions to every corner of the nation. ”This remarkable achievement of reaching 8 crore customers reflects the trust and confidence placed in IPPB by the people of India,” the ministry of communications said.

The establishment of IPPB was a strategic move to bridge the financial gap, empower the underserved population and drive financial inclusion through a combination of traditional and digital banking services.

With a commitment to financial inclusion, IPPB has played a pivotal role in empowering individuals across diverse demographics, including those residing in remote and underserved areas. The bank’s focus on digital banking services has facilitated seamless transactions, making banking services accessible to a broader spectrum of the population.

“We are thrilled to announce that India Post Payments Bank has reached the milestone of 8 crore customers. This achievement is a testament to our mission of making banking services available to every Indian, regardless of their location or socio-economic status,” said Easwaran Venkateswaran, MD & CEO (Interim) of IPPB.

The IPPB’s customer-centric approach, coupled with a wide network of post offices, has significantly contributed to this milestone. The bank remains committed to furthering financial inclusion, introducing innovative products and enhancing customer experience in the coming years.

”As we celebrate this achievement, we express our gratitude to our customers, stakeholders, and the dedicated team at the IPPB & Department of Posts for their unwavering support. The journey towards a financially inclusive India continues, and the IPPB remains at the forefront, driving positive change through accessible banking services,” an official press note said.

The IPPB was established under the Department of Posts with 100% equity owned by the Government of India. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of IPPB is to remove barriers for the unbanked and under banked and reach the last mile leveraging the postal network comprising 1,55,000 post offices (1,35,000 in rural areas) and 3,00,000 postal employees.