India Post Payments Bank
Indian public sector payments bank From Wikipedia, the free encyclopedia
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]
| |
| 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 |
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
Summarize
Perspective
 | This section needs additional citations for verification. (July 2021) |
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]
.JPG)
The Prime Minister of India, Narendra Modi, at the launch of the India Post Payments Bank, in New Delhi on 1 September 2018. The Minister of State for Communications (I/C) Manoj Sinha, the Secretary (Post), Ananta Narayan Nanda and IPPB CEO and MD. Suresh Sethi are also seen.
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
Wikiwand - on
Seamless Wikipedia browsing. On steroids.