More than 100 branches of India Post Payment Bank (IPPB) will be set up in the North East region, Finance Minister Nirmala Sitharaman announced on Tuesday while presenting her seventh straight Budget in the Lok Sabha. IPPB, which is at the forefront of offering varied products and services to customers at the last mile in the country, also gives customers an opportunity to enjoy banking facilities at home with its Doorstep Banking (DSB) services.
Owing to India Post's deep network, having more than 1.36 lakh post offices (Access Points) enabled with mobile devices to provide assisted banking services to millions of customers, the IPPB has been making banking accessible to the remotest corners of the nation. Earlier this year, India Post Payments Bank announced the attainment of a significant milestone, with eight crore customers now benefiting from its innovative and inclusive financial services.
The IPPB, established under the Department of Posts with 100 per cent equity owned by the Union government, was launched on September 1, 2018. Its launch was seen as 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. Since its inception, the IPPB has been dedicated to providing accessible and affordable banking solutions to every corner of the nation. 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. The IPPB's reach and its operating model is built on the key pillars of India Stack – enabling paperless, cashless and presence-less banking in a simple and secure manner at the customers' doorstep, through a CBS-integrated smartphone and biometric device.