India Post Payments Bank customer base crosses 5-crore mark

India Post Payments Bank customer base crosses 5-crore mark

India Post Payments Bank (IPPB) on Tuesday said it has crossed 5-crore customer mark which makes it third largest entity in the segment after Paytm and Airtel Payments Bank. IPPB opened these five crore accounts in digital and paperless mode by leveraging 1.36 lakh post offices, out of which 1.20 lakh are in rural areas, with the help of about 1.47 lakh doorstep banking service providers.

“At India Post, we are committed towards becoming one of the largest financial inclusion networks in India, covering both urban and rural India. Reaching to five crore customers in a short span of 3 years speaks of the success of this model of providing cost – effective, simple, easy and secure digital ecosystem, particularly to rural India,” Department of Posts Secretary Vineet Pandey said in a statement.

Paytm Payments Bank has over 6.4 customers while Airtel Payments Banks has over 6 crore.

IPPB claims to have achieved the world’s largest digital financial literacy programme by building a financially aware and empowered customer-base leveraging the strength of 2.8 lakh post office employees.

It claims to have taken digital banking to the grassroot-level through interoperable payments and settlement systems of NPCI, RBI and UIDAI offering services in over 13 languages.

“It is a moment of pride for the Bank, as we have moved from strength to strength while building this customer base while providing uninterrupted banking and G2C services even during the COVID-19 pandemic. The Bank is able to scale its customer acquisition on a fully digital and paperless banking platform serving people at their doorstep,” IPPB MD and CEO J Venkatramu said.

Out of the total account holders, around 48 per cent are women while 52 per cent are male.

“About 98 per cent of accounts of women were opened at the doorsteps and over 68 per cent of women were availing DBT benefits. In yet another milestone, IPPB revealed that it attracted youths to avail digital banking services. Over 41 per cent of account holders were in the age group of 18 to 35 years,” the statement said.

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