India Post Payments Bank
| 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 |
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 90 million customers.[1]
History
On 19 August 2015, India Post received a license 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 Rs. 14.35 billion 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 35 million customers.[9] The bank had acquired about 40 million customers by December 2020. In January 2022, India Post Payments Bank[10] crossed the 80 million customers mark. [11]
Services
IPPB aims to utilize all of India's 155,015 post offices as access points and 300,000 postmen and Grameen Dak Sewaks to provide doorstep banking services.[2][3]
IPPB offers savings accounts, money transfer[12] and insurance through third parties, bill and utility payments.[2][13][14]
The bank also provides features like:
- Account: The bank offers savings and current accounts up to a balance of Rs. 200,000.
- QR Code: Customers can use QR code payments eliminating the need to remember account numbers, PINs and passwords.
- Unified Payments Interface
- Immediate Payment Service
- National Electronic Funds Transfer
- Real-time gross settlement
- Bharat BillPay
- Direct Benefit Transfer
- RuPay Debit Card
- AEPS (Aadhaar Enabled Payment Service)
IPPB has been allowed to link around 170 million postal savings bank (PSB) accounts with its accounts.[15]
See also
References
- ^ "India Post Payments Bank Celebrates Milestone Achievement of Eight Crore Customers!". pib.gov.in. Retrieved 18 January 2024.
- ^ a b c d e "About IPPB - IPPB". ippbonline.com. Retrieved 5 September 2018.
- ^ a b "All you want to know about...India Post Payment Bank". @businessline. Retrieved 5 September 2018.
- ^ Press Information Bureau. "Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank". pib.nic.in. Retrieved 5 September 2018.
- ^ "India Post Payments Bank launched: Some important facts about IPPB". dna. Retrieved 5 September 2018.
- ^ Agarwal, Nikhil (4 September 2018). "India Post Payments Bank replaces ATM/debit cards with QR cards. How to use them". Livemint. Retrieved 5 September 2018.
- ^ Sharma, Devansh (20 August 2018). "Your friendly neighbourhood postman is about to become a banker". The Economic Times. Retrieved 5 September 2018.
- ^ Sengupta, Devina; Singh, Karunjit (31 August 2018). "Government expects India post payments bank to be profitable after 2 years: Communications minister Manoj Sinha". The Economic Times. Retrieved 5 September 2018.
- ^ "India Post Payments Bank adds 2.48 crore customers in a year". September 2020.
- ^ "IPPB Recruitment Online Application Enables for Specialist Officer category". 10 January 2025. Retrieved 20 January 2025.
- ^ "India Post Payments Bank customer base crosses 5-crore mark". The Economic Times. Retrieved 19 January 2022.
- ^ Ghoshal, Sudeshna (19 June 2024). "IPPB ties with Ria Money Transfer to set up 25,000 centres; eyes Southern states for international remittance | Mint". mint. Archived from the original on 18 July 2024. Retrieved 20 January 2025.
- ^ Gupta, Komal (3 September 2018). "Explained: India Post Payments Bank, in 5 points". Livemint. Retrieved 5 September 2018.
- ^ "India Post Payments Bank will deliver banking services to every Indian's doorstep, says PM Modi". www.businesstoday.in. Retrieved 27 September 2018.
- ^ Livemint (31 August 2018). "India Post Payments Bank launched: 10 things to know". Mint. Retrieved 27 September 2018.