The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi.[2] In August 2018, the Union Cabinet approved the cost of ₹1,435 crore (US$170 million) for setting up the bank.[4] The first phase of the bank, with 650 branches and 3,250 post offices as access points was inaugurated on 1 September 2018.[5][6] Over ten thousand postmen have been roped into the first phase.[7][8] By September 2020, the bank had acquired about 3.5 crore customers.[9] The bank had acquired about 4 crore customers by December 2020. In January 2022, India Post Payments Bank has crossed 8 crore customers mark. [10]
IPPB aims to utilize all of India's 155,015 post offices as access points and 3 lakh postal postmen and Grameen Dak Sewaks to provide doorstep banking services.[2][3]
The Prime Minister of India, Narendra Modi, at the launch of the India Post Payments Bank, in New Delhi on 1 September 2018. The Minister of State for Communications (I/C) Manoj Sinha, the Secretary (Post), Ananta Narayan Nanda and IPPB CEO and MD. Suresh Sethi are also seen.
IPPB offers savings accounts, money transfer and insurances through the third parties, bill and utility payments.[2][11][12]
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