India Post Payments Bank customer base crosses 50 mn-mark

Reaching to 50 mn customers in a short span of 3 years speaks of success of this model of providing cost - effective, easy and secure digital ecosystem, says Vineet Pandey, Secretary, Dept of Posts

India Post Payments Bank (IPPB) said on Tuesday its customer base has crossed the 5 crore mark within three years of commencement of operations, making it one of the fastest growing digital payments bank in the country.

"IPPB opened up these five crore accounts in digital and paperless mode through its 1.36 lakh Post Offices, out of which 1.20 lakh are in rural areas with the help of about 1.47 lakhs doorstep banking service providers," the Ministry of Communications said in a statement.

Out of the total 5 crore account holders, around 48 per cent are women. About 98 per cent of accounts of women were opened at the doorsteps and over 68 per cent of women were availing DBT benefits.

"Reaching to five crore customers in a short span of 3 years speaks of the success of this model of providing cost - effective, simple, easy and secure digital ecosystem, particularly to rural India. We are happy that we could empower rural women too, to avail the banking services at their doorsteps," said Vineet Pandey, Secretary, Department of Posts.

The focus of India Post Payments Bank has been on youth. Over 41 per cent of account holders are in the age group of 18 to 35 years.

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100 per cent equity owned by the Government of India.

"It is a moment of pride for the Bank, as we have moved from strength to strength while building this customer base while providing uninterrupted banking and G2C services even during the COVID-19 Pandemic," J Venkatramu, MD & CEO, India Post Payments Bank said in the statement.

"The Bank is able to scale its customer acquisition on a fully digital and paperless banking platform serving people at their doorstep. The bank is committed to serve the rural, under-banked and unbanked citizens through collaboration & co-creation of suitable products & services," Venkatramu added.