New Delhi: In less than two years after India Post Payments Bank (IPPB) started operations, its number of customers has crossed 20 million.
The bank said in a statement that in the first year of its operations, it had touched a figure of 10 million customers in August last year. The bank has added 10 million new customers in just five months.
The IPPB is opening and managing an average of 3.3 million accounts every quarter. The statement quoted Communications Minister Ravi Shankar Prasad as saying that the success of the IPPB’s business model reflects the government’s intention to create an inter-powered banking structure for the public interest. This is going to change the scenario of financial inclusion in the country.
He said that since the bank came into operation, it has been able to enable 1.36 lakh post offices and 1.9 lakh postmans spread across the country to provide banking services to people’s homes. The bank accounts linked to Aadhaar have increased the rural banking structure nearly two and a half times. According to the statement, IPPB has become the largest single platform to provide inter-operable banking services to any bank’s customer in the country after launching Aadhaar-linked payment services in September last year.
