IPPB’s Total Customer Base Crosses 3.6 Crore, Clocks Over Rs 38,500 Crore Financial Transactions

India Post Payments Bank (IPPB) Total Customer Base Crosses 3.6 Crore, Clocks Over Rs 38,500 Crore Financial Transactions

Dimapur, September 29 (NEx): In a significant push for expanding access to financial services to un-banked and under-banked customers in India, India Post Payments Bank (IPPB) announced that its total customer base has crossed 3.6 crores and it has completed over Rs 38,500 crore financial transactions cumulatively till September 15, 2020. These milestones are noteworthy considering the Bank launched its operations just two years back on September 01, 2018.

Out of 3.6 crore, around 2.5 crore customers were added in the last one year (1st September, 2019 till Sep 15, 2020) and value of Aadhaar Enabled Payment System (AePS) transactions crossed Rs 6,100 Crore.

In August last year, the Bank had crossed the milestone of 1 crore customers. Some of the other major achievements and milestones of IPPB between September 01, 2019 till September 15, 2020 are;

* Total number of financial transactions at 12.5 crore totalling to nearly Rs 33,600 crore

* Added 2.5 crore customers, a growth of nearly 2.5 times

* Deposits surged by more than five times to Rs 1,558 crore from Rs 303 crore year on year

* 99% of IPPB accounts updated with Aadhaar number

* Number and value of bill payment transactions processed have increased by five times to 1.21 crore and Rs 230 crore respectively

* Number and value of AePS transactions processed are around 2.8 crore and Rs 6,182 crore respectively.

AePS Transactions During Four Phases of Lockdown and Unlock (From March 23 till September 15):

Major Milestones:

* In a strong boost to digital payment methods and channels, Aadhaar Enabled Payment Services (AePS) transactions have shown an uptrend during the period of lockdown and unlock totalling to Rs 5,362 crore and 2.52 crore in volume terms.

* Total no. of customers added during lockdown period is 1.22 crore. On May 19, the number of AePS transactions peaked to 5.42 lakh. In terms of value, the transactions recorded a high of nearly Rs 74 crore on June 8.

* Overall the average volume and value of AePS transactions has been around 1.46 lakh per day and Rs 30.5 crore respectively.

* AePS transactions have helped provide doorstep banking services to Divyangs, Old Age Pensioners, Infirm, Sick and Elderly. DBT benefits have transferred under PMGKY (Pradhan Mantri Garib Kalyan Yojana) and beneficiaries have been served by the local Post office through AePS on IPPB platform.

* Special focus is being given to providing Doorstep Banking services through AePS in the sealed/containment areas, Migrant labor camps and Hotspots so that the population affected due to restrictions imposed do not suffer adversely.

Besides the AePS, the Bank has made steady progress by foraying into life insurance during the year. IPPB created a dedicated team focusing on third party products to boost the Bank’s fee from distribution while offering product choices to our customers. It went live with life insurance products in December 2019 through a tie-up and is distributing IRDA approved POSP Life Insurance Products (Group Term Life & POS Goal Suraksha) through its network of 650 Branches.

Shri Easwaran Venkateswaran, Interim MD & CEO, India Post Payments Bank said, “The AePS Service has been a game changer of sorts in expanding access to banking and financial services for millions of poor and unbanked at the last mile with cash being delivered at their doorstep. Driven by a robust, inexpensive and interoperable technology platform, AePS services enable low cost delivery of banking services to every section of the society without discrimination, thus bringing forth the dawn of a ‘Truly Inclusive Financial System’. The Bank is committed to deliver value to its stakeholders through an adaptive and agile business model that leverages the power of digital and technology and Change the Way Every Indian Transacts.

DoP/IPPB working amidst COVID-19 Lockdown:

Department of Posts and IPPB have taken a range of measures to provide uninterrupted services, even at the last mile for the unbanked and underserved.

In view of the lockdown, and related restrictions on movement of people, both IPPB and non-IPPB customers can visit the nearest post offices or can also access the banking services through postmen and Gramin Dak Sevaks at their doorsteps. In view of the recent challenges due to COVID-19, customers can also access banking services from the comfort of their homes through its user friendly mobile banking app.

Cash withdrawal, Money transfer, Utility bill payments, Payments of DBT beneficiaries, Aadhaar Enabled Payment Services, Account statement by email, IMPS, NEFT and RTGS for transferring funds, Mini statement via SMS, Linking of Post Office Savings Account with IPPB account, Online post office scheme are some of the banking services that are available and accessible to POSB and IPPB customers.

For further information on IPPB one can visit the official website-