India Post Payments Bank (IPPB): Lok Sabha QA

India Post Payments Bank (IPPB) – Salient Features, Number of Districts included, Number of persons Covered under IPPB as on 28.02.2023: Lok Sabha QA

GOVERNMENT OF INDIA
MINISTRY OF COMMUNICATIONS
DEPARTMENT OF POSTS

LOK SABHA
UNSTARRED QUESTION NO. 2419
TO BE ANSWERED ON 15TH MARCH, 2023

INDIA POST PAYMENTS BANK

2419. SHRI RAJESHBHAI CHUDASAMA:
Will the Minister of COMMUNICATIONS be pleased to state:

(a) the details of the salient features of India Post Payments Bank (IPPB);

(b) the number of districts included under the said scheme during each of the last five years, State/ UT- wise;

(c) the number of persons covered under IPPB during the above period, district-wise;

(d) the details of the facilities provided by the Government to the IPPB account holders at present; and

(e) the steps taken/being taken by the Government to further facilitate the services for the account holders in future?

ANSWER

MINISTER OF STATE FOR COMMUNICATIONS (SHRI DEVUSINH CHAUHAN)

(a) India Post Payments Bank (IPPB) is a scheduled payment bank 100% owned by Department of Posts offering a range of products such as savings and current accounts, remittances and money transfer, direct benefit transfer, bill and utility payments, enterprise & merchant payments and Aadhar Enabled Payment System (AePS) services. These products and related services are being offered across multiple channels e.g. Counter Services, Micro – ATM, Mobile Banking and at the doorstep.

(b) India Post Payments Bank (IPPB) was established in the year 2018 covering 631 districts in the country with 650 branches in one go. IPPB through its 650 branches provides services in all districts through 1.38 lakh Post Offices/ access points. State/UT Wise number of districts having 650 IPPB branches is at Annexure-I.

(c) The number of persons onboarded as customer of IPPB since its establishment in the year 2018 and as on 28.02.2023 district wise are at Annexure-II.

(d) The details of services provided by IPPB to subscribers are placed at Annexure III.

(e) Government has approved the revision of project outlay for setting up of India Post Payments Bank (IPPB) by ₹820 crore taking the total to ₹2255 crore against the earlier approved outlay of ₹1435 crore to enable the Bank to meet regulatory requirements. In addition, In-principle approval has also been given for disbursement of ₹500 crore to IPPB at an appropriate time for the purpose of meeting regulatory requirement and technology upgradations to further facilitate the services for the IPPB account holders in future.

Source: Lok Sabha