India Post Payments Bank, abbreviated as IPPB, is a

division Division or divider may refer to: Mathematics *Division (mathematics), the inverse of multiplication *Division algorithm, a method for computing the result of mathematical division Military *Division (military), a formation typically consisting ...

India Post India Post is a government-operated postal system in India, part of the Department of Post under the Ministry of Communications. Generally known as the Post Office, it is the most widely distributed postal system in the world. Warren Hastings ha ...

which 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 different ...

of the Department of Post, a department under

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

of the

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...

. Opened in 2018, as of January 2022, the bank has more than 5 crore customers.

History

On 19 August 2015, the

received licence to run a payments bank from the

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...

. On 17 August 2016, it was registered as a public limited government company for setting up a payments bank. IPPB is operating with the

Department of Posts India Post is a government-operated postal system in India, part of the Department of Post under the Ministry of Communications. Generally known as the Post Office, it is the most widely distributed postal system in the world. Warren Hastings ha ...

under

. 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 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 Odisha, western West Bengal and the eastern area ...

. In August 2018, the

Union Cabinet The Union Council of Ministers Article 58 of the ''Constitution of India'' is the principal executive organ of the Government of India, which is responsible for being the senior decision making body of the executive branch. It is chaired by t ...

approved a cost of 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 3.5 crore customers. The bank had acquired about 4 crore customers by December 2020. In January 2022, India Post Payments Bank has crossed 5 crore 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 3 lakh postal postmen and ''Grameen Dak Sewak''s to provide doorstep banking services. IPPB offers savings accounts, money transfer and insurances through the 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 I ...

and

current account Current account or Current Account may refer to: * Current account (balance of payments), a country's balance of trade, net of factor income and cash transfers * Current account (banking) A transaction account, also called a checking account, ch ...

s up to a balance of . * QR Card: Customers can use

QR code payment QR code payment is a contactless 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 (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used o ...

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 24x7 throughout the year inc ...

National Electronic Funds Transfer National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Bankin ...

Real-time gross settlement Real-time gross settlement (RTGS) systems are specialist Electronic funds transfer, 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 (economics), gross" ba ...

* 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 peopl ...

RuPay RuPay ''(portmanteau of Rupee and Payment)'' is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012. It was created to fulfil th ...

Debit Card *AEPS(Adhaar Enabled Payment Service) IPPB has been allowed to link around 17 crore 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