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IPPB operated by the India Post crosses five crore customer mark in three years

The Ministry claimed that India Post digital bank has become one of the fastest-growing digital payment banks in the country which has opened five crore accounts in digital and paperless mode through 1.36 lakh Post Office including 1.2 lakh rural post officers

Statesman News Service | New Delhi |

India Post Payment Bank (IPPB), a ‘Digital-First Bank’ operated by the India Post, has crossed five crore customer marks in three years of commencement of operations, claimed the Ministry of Communications here on Tuesday.

With this, IPPB has achieved the world’s largest digital financial literacy programme by building a financially aware and empowered customer base leveraging the strength of 2,80,000 Post Office employees, the Ministry said.

The Ministry claimed that India Post digital bank has become one of the fastest-growing digital payment banks in the country which has opened five crore accounts in digital and paperless mode through 1.36 lakh Post Office including 1.2 lakh rural post officers.

“This target has been achieved with the help of about 1.47 lakhs doorstep banking service providers,” the Ministry said.

The Ministry further claimed that IPPB has taken digital banking to the grassroots levels through Interoperable Payments and Settlement Systems of NPCI, RBI, and UIDAI offering services in over 13 languages.

“Out of the total account holders, around 48% were women account holders. About 98% of accounts of women were opened at the doorsteps and over 68% of women were availing DBT benefits,” the Ministry said. In addition to this more than 41% of account holders were in the age group of 18 to 35 years, it added.