India Post Payments Bank, abbreviated as IPPB, is a division of

India Post The Department of Posts, d/b/a India Post, is an Indian Public Sector Undertakings in India, public sector postal system statutory body headquartered in New Delhi, India. It is an organisation under the Ministry of Communications (India), Minist ...

that is under the

ownership Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as '' title'', which may be separated and held by dif ...

of the Department of Post, a department under the

Ministry of Communications A Communications Ministry or Department of Communications is a ministry or other government agency charged with communication. Communications responsibilities include regulating telecommunications, postal services, broadcasting and print media. The ...

of the

Government of India The Government of India (ISO 15919, ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of States and union t ...

. Opened in 2018, as of March 2024, the bank has more than 90 million customers.

History

On 19 August 2015,

received a license to run a payments bank from the

Reserve Bank of India Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...

. On 17 August 2016, it was registered as a public limited government company for setting up a

payments bank Payments banks are a new model of banks, conceptualised by the Reserve Bank of India (RBI), which cannot issue credit. These banks can accept a restricted deposit, which is currently limited to Indian rupee, ₹200,000 per customer and may be inc ...

. IPPB is operating with the

Department of Posts The Department of Posts, d/b/a India Post, is an Indian public sector postal system statutory body headquartered in New Delhi, India. It is an organisation under the Ministry of Communications. It is the most widely distributed postal system in ...

under the

. The pilot project of IPPB was inaugurated on 30 January 2017 at

Raipur Raipur ( ) is the capital city of the Indian state of Chhattisgarh. Raipur is also the administrative headquarters of Raipur district and Raipur division, and the largest city of the state. It was a part of Madhya Pradesh before the state of Chh ...

and

Ranchi Ranchi (; ) is the capital city and also the largest district by population of the Indian state of Jharkhand. Ranchi was the centre of the Jharkhand movement, which called for a separate state for the tribal regions of South Bihar, northern ...

. In August 2018, the

Union Cabinet The Union Council of Ministers is the Cabinet (government), principal executive organ of the Government of India, which serves to aid and advise the President of India in execution of their functions.Article 74 of the ''Constitution of India' ...

approved the cost of Rs. 14.35 billion for setting up the bank. The first phase of the bank, with 650 branches and 3,250 post offices as access points, was inaugurated on 1 September 2018. Over ten thousand postmen have been roped into the first phase. By September 2020, the bank had acquired about 35 million customers. The bank had acquired about 40 million customers by December 2020. In January 2022, India Post Payments Bank crossed the 80 million customers mark.

Services

Post Office Headquarters Mehsana India Post Payments Bank

IPPB aims to utilize all of India's 155,015 post offices as access points and 300,000 postmen and ''Grameen Dak Sewak''s to provide doorstep banking services. IPPB offers savings accounts, money transfer and insurance through third parties, bill and utility payments. The bank also provides features like: * Account: The bank offers

savings Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word , which is from an ...

and current accounts up to a balance of Rs. 200,000. * QR Code: Customers can use

QR code payment A QR code payment is a mobile payment method where payment is performed by scanning a QR code from a mobile app. This is an alternative to doing electronic funds transfer at point of sale using a payment terminal. This avoids a lot of the infra ...

s eliminating the need to remember account numbers, PINs and passwords. *

Unified Payments Interface Unified Payments Interface, commonly known as UPI is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and pe ...

Immediate Payment Service Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24/7 throughout the year in ...

* National Electronic Funds Transfer *

Real-time gross settlement Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a " gross" basis to avoid settlement risk. Settlement ...

* Bharat BillPay *

Direct Benefit Transfer Direct Benefit Transfer or DBT is an attempt to change the mechanism of transferring subsidies launched by Government of India on 1 January 2013. This scheme or program aims to establish a Giro system to transfer subsidies directly to the peop ...

RuPay RuPay (portmanteau of Rupee and Payment) is an Indian multinational financial services and payment service system, conceived and owned by the National Payments Corporation of India (NPCI). It was launched in 2012, to fulfil the Reserve Bank ...

Debit Card * AEPS (Aadhaar Enabled Payment Service) IPPB has been allowed to link around 170 million postal savings bank (PSB) accounts with its accounts.

References

{{DEFAULTSORT:Postal Bank of India Government-owned banks of India Payments banks Indian companies established in 2018 Banks established in 2018 Companies based in New Delhi Postal savings system 2018 establishments in Delhi

History

Services

See also

References