India Post Payments Bank

India Post Payments Bank

Company type	Division of Indian Post
Industry	Financial services
Founded	30 January 2017;8 years ago (2017-01-30)
Headquarters	New Delhi , India
Area served	India
Key people	Vineet Pandey, IPoS (Secretary, Department of Posts)
Products	Banking
Services	Financial Services
Owner	India Post, Department of Post, Ministry of Communications, Government of India
Website	ippbonline.bank.in

India Post Payments Bank, abbreviated as IPPB, is a division of India Post that is under the ownership of the Department of Post, a department under the Ministry of Communications of the Government of India. Opened in 2018, as of August 2025, the bank has more than 120 million customers. ^{[1] [2]}

History

A postage stamp released during the launch of India Post Payments Bank in 2017.

On 19 August 2015, India Post received a license to run a payments bank from the Reserve Bank of India. On 17 August 2016, it was registered as a public limited government company for setting up a payments bank. ^[3] IPPB is operating with the Department of Posts under the Ministry of Communications. ^{[3] [4]}

The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi. ^[3] In August 2018, the Union Cabinet approved the cost of Rs. 14.35 billion for setting up the bank. ^[5] The first phase of the bank, with 650 branches and 3,250 post offices as access points, was inaugurated on 1 September 2018. ^{[6] [7]} Over ten thousand postmen have been roped into the first phase. ^{[8] [9]} By September 2020, the bank had acquired about 35 million customers. ^[10] The bank had acquired about 40 million customers by December 2020. In August 2025, India Post Payments Bank ^[11] crossed the 12 crore customers mark along with ₹20,000 crore deposits. ^[2]

Services

IPPB branch at the Head Post Office in Mehsana

IPPB aims to utilize all of India's 155,015 post offices as access points and 300,000 postmen and Grameen Dak Sewaks to provide doorstep banking services. ^{[3] [4]}

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 ^[12] and insurance through third parties, bill and utility payments. ^{[3] [13] [14]}

The bank also provides features like:

• Account: The bank offers savings and current accounts up to a balance of Rs. 200,000.
• QR Code: Customers can use QR code payments eliminating the need to remember account numbers, PINs and passwords.
• Unified Payments Interface
• Immediate Payment Service
• National Electronic Funds Transfer
• Real-time gross settlement
• Bharat BillPay
• Direct Benefit Transfer
• RuPay Debit Card
• AEPS (Aadhaar Enabled Payment Service)

IPPB has been allowed to link around 170 million postal savings bank (PSB) accounts with its accounts. ^[15]

See also

• Banks portal

• Payments bank
• Poste italiane

References

1. "India Post Payments Bank Celebrates Milestone Achievement of Eight Crore Customers!". pib.gov.in. Retrieved 18 January 2024.
2. Desk, Editorial (27 August 2025). "India Post Payments Bank Crosses 12 Cr Customers, Rs 20,000 Cr Deposits" . Retrieved 29 August 2025.{{cite web}}: |last= has generic name (help)
3. "About IPPB - IPPB". ippbonline.com. Retrieved 5 September 2018.
4. "All you want to know about...India Post Payment Bank". @businessline. Retrieved 5 September 2018.
5. Press Information Bureau. "Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank". pib.nic.in. Retrieved 5 September 2018.
6. "India Post Payments Bank launched: Some important facts about IPPB". dna. Retrieved 5 September 2018.
7. Agarwal, Nikhil (4 September 2018). "India Post Payments Bank replaces ATM/debit cards with QR cards. How to use them". Livemint. Retrieved 5 September 2018.
8. Sharma, Devansh (20 August 2018). "Your friendly neighbourhood postman is about to become a banker". The Economic Times. Retrieved 5 September 2018.
9. Sengupta, Devina; Singh, Karunjit (31 August 2018). "Government expects India post payments bank to be profitable after 2 years: Communications minister Manoj Sinha". The Economic Times. Retrieved 5 September 2018.
10. "India Post Payments Bank adds 2.48 crore customers in a year". September 2020.
11. "IPPB Recruitment Online Application Enables for Specialist Officer category". 10 January 2025. Retrieved 20 January 2025.
12. Ghoshal, Sudeshna (19 June 2024). "IPPB ties with Ria Money Transfer to set up 25,000 centres; eyes Southern states for international remittance | Mint". mint. Archived from the original on 18 July 2024. Retrieved 20 January 2025.
13. Gupta, Komal (3 September 2018). "Explained: India Post Payments Bank, in 5 points". Livemint. Retrieved 5 September 2018.
14. "India Post Payments Bank will deliver banking services to every Indian's doorstep, says PM Modi". www.businesstoday.in. Retrieved 27 September 2018.
15. Livemint (31 August 2018). "India Post Payments Bank launched: 10 things to know". Mint. Retrieved 27 September 2018.