India Post Payments Bank Opens 2.68 Crore Accounts in 2024

India Post Payments Bank (IPPB) has made significant strides in expanding financial inclusion across the country in 2024. By November, the bank had opened 2.68 crore accounts, with women owning 1.56 crore accounts, accounting for 59% of the total. Additionally, 77% of these accounts were opened in rural areas, reflecting the bank’s focus on serving underserved regions, the Ministry of Communications announced on Friday.

Key Achievements in Digital Services

The bank reported notable progress in digital banking adoption during the January-November period:

• Mobile Banking Services: 1.04 crore customers used IPPB’s mobile banking platform.
• Virtual Debit Cards (VDC): 69 lakh customers availed VDC services.
• Aadhaar Enabled Payment System (AePS): Transactions worth ₹2,600 crore were facilitated through AePS, enhancing accessibility for rural customers.

Direct Benefit Transfers (DBT) and Pension Services

IPPB played a vital role in delivering government welfare benefits directly to beneficiaries:

• DBT Benefits: About 3.62 crore customers received DBT payments amounting to ₹34,950 crore. Women comprised nearly 58% of the DBT beneficiaries.
• Pension Services: The bank issued 4.40 lakh digital life certificates to pensioners, streamlining the pension process for senior citizens.

Focus on Women Empowerment

The Ministry emphasized that IPPB is committed to empowering women through its financial services. By ensuring a majority of DBT benefits reach women, the bank aligns with the government’s vision of promoting gender equality and financial independence.

Driving Financial Inclusion

The significant share of rural accounts and the adoption of digital banking tools underscore IPPB’s mission to bring modern banking services to the remotest corners of the country. With these achievements, the bank continues to play a pivotal role in advancing financial inclusion and economic empowerment in India.