India Post Payments Bank
India Post Payments Bank is an Indian state-owned payment bank, headquartered in New delhi, India. It 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.
History
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. IPPB is operating with the Department of Posts under the 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 the cost of Rs. 14.35 billion 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 35 million customers. The bank had acquired about 40 million customers by December 2020. In August 2025, India Post Payments Bank crossed the 12 crore customers mark along with ₹20,000 crore deposits.
Services
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.IPPB offers savings accounts, money transfer and insurance through third parties, bill and utility payments.
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