India Post Payments Bank

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.

History

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. IPPB is operating with the Department of Posts under the Ministry of Communications.

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 ₹1,435 crore (US$170 million) for setting up the bank. The first phase of the bank, with 650 branches and 3,250 post offices as access points was inaugurated on 1 September 2018. Over ten thousand postmen have been roped into the first phase. By September 2020, the bank had acquired about 3.5 crore customers. The bank had acquired about 4 crore customers by December 2020. In January 2022, India Post Payments Bank has crossed 8 crore customers mark.

Services

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.

The bank also provides features like:

• Account: The bank offers savings and current accounts up to a balance of ₹2 Lakh.
• QR Card: 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(Adhaar Enabled Payment Service)

IPPB has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts.

See also

• Payments bank
• Poste italiane

References

1. Payments bank
2. Paytm Payments Bank
3. India Post
4. National Payments Corporation of India
5. List of banks in India
6. Scheduled Banks (India)
7. Unified Payments Interface
8. Postal Bank
9. Aditya Birla Payments Bank
10. Mobile payments in India
11. Postbank
12. ICICI Bank
13. Reserve Bank of India
14. Postal savings system
15. United Bank of India
16. HDFC Bank
17. RuPay
18. PhonePe
19. Aadhaar
20. Paytm