INDIAN POST PAYMENT BANKS (Syllabus: GS Paper 3 – Economy)

Context: India Post Payments Banks (IPPB) has achieved a significant milestone of over eight crore customers benefiting from its innovative and inclusive financial services.

India Post Payments Banks (IPPB)

• Launched: On September 1, 2018, under the Department of Posts, Ministry of Communication.
• Equity: 100% equity owned by the Government of India.
• Vision: To establish the most accessible, affordable, and trusted bank for the common man in India.
• Nodal Ministry: Ministry of Communications
• Fundamental mandate: Remove barriers for the unbanked and under-banked.

oUtilize a network of 160,000 post offices (145,000 in rural areas) and 400,000 postal employees to reach the last mile.

• Features and Benefits

oEasy, Convenient and paperless account opening

oYou can choose a time slot of your convenience for Doorstep banking

oTakes financial inclusion to the last mile of the nation/Enables banking even in the most remote areas in the country.

• Note: India's First 3D-printed Post Office was inaugurated in Bengaluru (Karnataka) on August 18, 2023.