Centre To Set Up 100 Branches Of India Post Payments Bank Across Northeast
First Published: 23rd July, 2024 14:46 IST
IPPB's customer base has now reached 80 million, and the bank currently has 50 million accounts and operates hundreds of thousands of branches.
Finance Minister Nirmala Sitharaman announced today that the government will set up 100 branches of India Post Payments Bank (IPPB) across the northeast.
The Finance Minister announced this while presenting the Union Budget 2024-25 in the Parliament earlier today.
India Post Payments Bank (IPPB) has achieved a milestone as its customer base has now crossed 80 million. Reportedly, IPPB currently has 50 million accounts and operates hundreds of thousands of branches.
It may be mentioned here that IPPB was established on September 1, 2018, under the Department of Posts and is 100% owned by the Union Government.
The IPPB was established with the aim to reduce the financial gap and promote financial inclusion.
Since its introduction, the IPPB has been a leader in providing various last-mile products and services to customers, leveraging India Post’s extensive network of over 136,000 post offices (access points) equipped with mobile devices to offer assisted banking services.
The bank’s operating model is based on the core pillars of India Stack, which enables paperless, cashless and attendant-free banking at the customer’s doorstep simply and securely through the integration of smartphones and biometric devices through CBS.
IPPB’s Doorstep Banking (DSB) service allows customers to conveniently access banking services at home. This initiative is in line with Prime Minister Modi’s vision of developing India’s Northeast region.
Also Read: Finance Minister Nirmala Sitharaman To Present Union Budget Today
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