Government-run India Post Payments Bank has signed up two crore customers, getting closer to its private sector rivals Airtel Payments Bank and Paytm Payments Bank.
Government-run India Post Payments Bank has signed up two crore customers, getting closer to its private sector rivals Airtel Payments Bank and Paytm Payments Bank. While market leader Paytm Payments Bank has well over four crore bank account customers, Airtel Payments Bank has three crore users. “India Post Payments Bank (IPPB) has achieved an important milestone of two crore customers, providing a major impetus to the government’s efforts in furthering financial inclusion in unbanked and underbanked areas across the country,” Ravi Shankar Prasad, Union Minister for Communications, Electronics & IT and Law & Justice said today. The company achieved this milestone in 17 months since launch of operations.
IPPB had reached the milestone of one crore customers only earlier last year. “On average, IPPB has been opening/maintaining a run rate of 33 lakh accounts per quarter,” the company said. The success of IPPB’s business model is because of the government’s aim to create an interoperable banking infrastructure and to bring financial inclusion in the country, Minister Ravi Shankar Prasad said. The company has enabled over 1.36 lakh Post Offices and 1.9 lakh postmen in order to provide a host of banking services at the doorstep of the customer. IPPB also said that rural banking infrastructure has increased by almost 2.5 times.
The IPPB has been working in line with the Prime Minister Narendra Modi’s vision of revolutionising India’s payment landscape and ushering economic transformation. PM’s Jan Dhan Yojana brought crores of Indians into the formal banking system and IPPBis helping over 38 crore Jan Dhan account holders with the PM’s mission, the company said. IPPB had launched Aadhaar Enabled Payment System (AePS) Services in September 2019, due to which it became the single largest platform in the country for providing interoperable banking services.
With AePS services, anyone with a bank account linked to Aadhaar can perform a slew of basic banking services such as cash withdrawals and balance enquiry. India Post Payments Bank is 100% equity owned by the Government of India and was launched by PM Narendra Modi in 2018.