India Post Payments Bank (IPPB) is a division of Indian Post which is under the ownership of the Department of Post a department under Ministry of Communications of the Government of India. Opened in 2018, the bank had acquired about 4.0 crore customers by December 2020.
On 19 August 2015, the India Post received licence 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. IPPB is operating with the Department of Posts under Ministry of Communications.
The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi. In August 2018, the Union Cabinet approved a cost of ₹1,435 crore (US$190 million) for setting up the bank. The first phase of the bank with 650 branches and 3,250 post offices as access points was inaugurated on 1 September 2018. Over ten thousand postmen have been roped into the first phase. By September 2020, the bank had acquired about 3.5 crore customers.
No charges for downloading, registering and accepting digital payments
- Easy payment management
Use IPPB’s innovative Merchant App, which can be easily downloaded onto your smartphone
- Simple and secure
Accept digital payments from your customers
- Doorstep banking
Get cash management services at your doorstep
- Instant information
Access your account statements and reports at any time
- Track your business
Build a transaction history that enables you to create your positive credit score
- Drive a digital ecosystem
Avoid hassles of managing loose cash, small change, counterfeit notes or soiled notes