India Post Payments Bank (IPPB) proudly reaffirms its commitment to sustainable financial inclusion and citizen empowerment as it continues its impressive streak of profitability. Celebrating its maiden profit journey in the last financial year and maintaining a successful profit run into the first quarter of this financial year, IPPB remains dedicated to driving the Digital India initiative. Their mission is to ensure that even the remotest corners of the country are not left behind in the world of modern banking services.
Since its inception, IPPB has been driven by the vision of providing doorstep banking services to millions of households across India. Starting with pilot branches in Ranchi, Jharkhand, and Raipur, Chhattisgarh, in 2017, IPPB has rapidly become a dominant player in the banking industry, particularly at the grassroots level.
IPPB is thrilled to announce its outstanding achievement of generating an operational profit of Rs. 20.16 Crore during the financial year 2022-23, marking a year of remarkable progress for the bank. This achievement is attributed to a remarkable 66.12 percent growth in overall revenue, outpacing an increase in overall operating costs of 17.36 percent. This success underscores the effectiveness of IPPB’s customer-centric and cost-effective banking model.
J Venkatramu, MD & CEO of India Post Payments Bank, attributed this success to the collective efforts of their dedicated team, stakeholders, and the trust of their more than seven crore valuable customers. He also acknowledged the role of various policy initiatives like Jan Dhan, Aadhaar, India Stack, and regulatory advancements such as differentiated banking categories and e-KYC in driving IPPB’s success. The bank’s prudent financial management, supported by regulatory measures, has paved the way for exponential growth in its customer base and product offerings.
Today, IPPB has become the most accessible, affordable, and trusted bank for unbanked and underbanked individuals in India. Leveraging the world’s largest postal network, comprising 1,55,000 Post Offices (including 1,35,000 in rural areas) and 3,00,000 postal employees, along with the country’s Digital Public Infrastructure, IPPB delivers citizen-centric financial services right to people’s doorsteps. This creates a PHYGITAL Banking Service platform at a national scale, designed to operate where traditional banking has struggled due to conventional barriers.
IPPB acknowledges the invaluable contributions of Postmen/Gramin Dak Sevaks in this journey to profit with a purpose. They remain committed to sowing the seeds of financial prosperity with newly introduced services, including loan referral services, low-cost health & accidental insurance products like Antyodaya Shramik Suraksha Yojana for Shramyogis registered on the e-Shram portal, Digital Life Certificates for pensioners, and citizen services initiatives like Aadhaar-mobile updates, child Aadhaar enrolment, Aadhaar-based banking transactions (AePS), and facilitating citizen access to government Direct Benefit Transfer programs like PM KISAN. Initiatives like ‘Niveshak Didi’ have reached women beneficiaries across the country, providing essential financial literacy to build a strong foundation for an empowered India of the future.
Looking ahead, IPPB aims to transform itself into a Universal Service platform, bridging the last-mile accessibility gaps using Digital Public Infrastructure.