Financial support to IPPB

The Union Cabinet has given its approval for the financial support of Rs 820 crore for the India Post Payments Bank. This monetary support will help the state-run payments bank penetrate deeper into the nation, especially in the country’s rural areas, and will work towards boosting financial inclusion.

Overview:

  • IPPB has more than five crore accounts currently and is operating through 1.36 lakh branches.
  • IPPB plays an instrumental role to carry out the various social objectives of the central government.
  • This support will help the bank to advance the financial inclusion agenda of the government, especially in the country’s rural areas.

About India Posts Payments Bank

IPPB was opened in the year 2018 and it is a part of India Post, which falls under the ambit of the Department of Post. IPPB recently crossed its 5 crore customers mark in just three years since it began operations to become one of India’s fastest-growing digital payments bank. The accounts have been opened in paperless and digital mode through its 1.36 lakh post offices, out of which 1.20 lakh are located in the country’s rural areas with the help of 1.47 lakh doorstep banking service providers. 48 percent of this bank’s account holders are women. Around 98 percent of the accounts of women were opened at their doorsteps and more than 68 percent of women are availing Direct Benefit Transfer (DBT) benefits. More than 41 percent of the account holders of this bank fall in the age group of 18 to 35 years.

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