“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.