In excess of 100 parts of India Post Installment Bank (IPPB) will be set up in the North East district, Money Clergyman Nirmala Sitharaman declared on Tuesday while introducing her seventh consecutive Spending plan in the Lok Sabha.
The action reinforces Prime Minister Narendra Modi’s plan to develop India’s Northeast once more. With its Doorstep Banking (DSB) services, IPPB, which is leading the nation in providing a wide range of products and services to customers in the last mile, also gives customers the chance to use banking services at home.
The IPPB has been making banking accessible to the nation’s most remote areas due to India Post’s extensive network, which includes more than 1.36 lakh post offices (Access Points) equipped with mobile devices to provide assisted banking services to millions of customers.
India Post Payments Bank announced earlier this year that it had reached a significant milestone: eight crore customers now have access to the innovative and inclusive financial services it provides.
The IPPB was launched on September 1, 2018, under the Department of Posts and with the Union government owning 100% of the equity.
Through a combination of traditional and digital banking services, its launch was viewed as a strategic move to close the financial gap, empower the underserved population, and promote financial inclusion.
The IPPB has worked hard since its inception to provide affordable and accessible banking options to everyone in the country.
IPPB has been instrumental in empowering individuals from a wide range of demographics, including those living in rural and underserved areas, thanks to its commitment to financial inclusion.
The bank’s focus on digital banking services has made banking services more accessible to a wider range of people by making transactions easier.
The IPPB’s reach and business model are based on India Stack’s key pillars, which enable paperless, cashless, and presence-free banking at the customer’s doorstep using a CBS-integrated smartphone and biometric device.
