As India progresses in digital banking and financial inclusion, the India Post Payments Bank has emerged as one of the largest financial inclusion initiatives globally. Since its inception, the bank has been using the network of over 1.64 lakh post offices and nearly 2 lakh postmen; it has been a silent game changer.
Today, Indian Post Payments Bank’s network has expanded to 1,65,000 post offices of India and has a customer base of more than 12 crore, of whom 80 per cent are from rural India and 59 per cent are women.
Eight years ago, on September 1, 2018, the Indian Postal system quietly launched India Post Payments Bank with a vision to bring an affordable and accessible banking system to the common people, especially rural India.
India Post Payments Bank offerings
India Post Payments Bank offers services ranging from digital savings accounts, bank accounts with healthcare benefits, Direct Benefit Transfer, pension payments and credit facilitation.
The payments bank has also incorporated services like cross-border remittances, Aadhaar-enabled Payment Services and RuPay Virtual Debit Card to its financial services portfolio.
On the 8th foundation of the bank, Vandita Kaul, Chairman of IPPB, said, “IPPB has demonstrated that financial inclusion is not just a vision but a deliverable reality. With our unique model of postal banking, we have empowered millions of Indians, particularly in rural and underserved regions, by taking banking to their doorsteps. Our journey sets a global benchmark for last-mile financial service delivery”.
Besides the varying requirements of the rural customers, India Post Payments Bank has also taken into account the diversity of the Indian masses. For the ease of the large number of customers that come from diverse backgrounds, the bank offers services in 13 languages in the different geographies of the country.
Appreciation from leadership
The bank received appreciation from India’s leadership on its 8th foundation day for serving rural India. Prime Minister Narendra Modi said in a post on X, “With unprecedented efforts from the government, our humble postman has become the harbinger of financial inclusion. With @IndiaPostOffice and @IPPBOnline, India’s postal system is now the world’s largest doorstep banking network, ensuring dignity and empowerment.”