India Post Payments Bank’s 7th Foundation Day: Empowering Millions in Gujarat
New Delhi [India], August 31: In the current financial year, India Post Payments Bank (IPPB) in Gujarat has achieved significant milestones. They have provided general insurance to 1.19 lakh people, updated mobile numbers for 1.80 lakh individuals, and facilitated Aadhaar enrolment for 2,571 children under Child Enrolment Lite Client (CELC). Additionally, Direct Benefit Transfer (DBT) payments totaling Rs 242 crore have been made to over 15 lakh people.
According to the Ministry of Communication, IPPB, established as an initiative of the Department of Posts, has set numerous milestones over its six-year journey by promoting its ‘Aapka Bank, Aapke Dwar’ mission. Krishna Kumar Yadav highlighted that IPPB has revolutionized banking by offering paperless, cashless, and presence-less services directly to customers’ doorsteps, even in remote locations. The bank has targeted some of the most financially excluded and vulnerable segments of society, using innovative and user-friendly approaches to enable assisted banking at the last mile. Notably, 44 percent of IPPB’s customers are women, underscoring its role in empowering women.
Postmen and Gramin Dak Sevaks are functioning as mobile banks through IPPB, delivering various services directly to people’s homes. These services include Aadhaar enrollment for children under five, mobile number updates via CELC, digital life certificates, DBT, Aadhaar-enabled payment systems, bill payments, and various insurance schemes like vehicle, health, accident, and the Pradhan Mantri Jeevan Jyoti Bima Yojana. Customers with IPPB accounts can also make online deposits into Sukanya, RD, PPF, and Postal Life Insurance schemes.
Yadav emphasized that IPPB is committed to improving the lives of those without easy access to insurance and other financial services. Dr. Rajeev Awasthi, Assistant General Manager of IPPB, reiterated the bank’s commitment to providing comprehensive financial solutions through the extensive and trusted network of the Department of Posts. The bank plays a crucial role in advancing financial inclusion and Digital India, particularly in rural areas. The bank has been instrumental in ensuring the seamless delivery of various public welfare schemes from the Central and State Governments to the most remote parts of society.
This sentiment was expressed by Krishna Kumar Yadav, Postmaster General of the North Gujarat Region, Ahmedabad, during a program held at the Ahmedabad GPO on the eve of the 7th Foundation Day of India Post Payments Bank. At the event, Postmaster General Krishna Kumar Yadav, alongside IPPB’s Independent Director Jayshree Vrajlal Doshi, IPPB’s AGM Dr. Rajeev Awasthi, Chief Manager Kapil Mantri, and Chief Postmaster Ritul Gandhi inaugurated the celebrations by cutting a cake. He also recognized the outstanding performance of IPPB officials. Launched nationwide by Prime Minister Narendra Modi on September 1, 2018, IPPB has more than 33 lakh accounts operating within the Gujarat circle.
Doubts Revealed
India Post Payments Bank (IPPB) -: IPPB is a bank set up by the Indian postal department to provide banking services to people, especially in rural areas.
Foundation Day -: Foundation Day is the anniversary of the day when an organization was started. IPPB is celebrating its 7th year.
General insurance -: General insurance is a type of insurance that covers things like health, car, and home, protecting people from financial losses.
Aadhaar enrolment -: Aadhaar enrolment is the process of registering for an Aadhaar card, which is a unique identification number for people in India.
DBT payments -: DBT stands for Direct Benefit Transfer, a system where money from government schemes is directly sent to people’s bank accounts.
Department of Posts -: The Department of Posts is a government department in India that manages postal services and also started IPPB.
Paperless, cashless, and presence-less services -: These are modern banking services where you don’t need paper forms, cash, or to visit the bank in person.
Financially excluded segments -: These are groups of people who don’t have access to traditional banking services, often in rural or poor areas.
44% of IPPB’s customers are women -: This means that almost half of the people using IPPB’s services are women, showing that the bank is helping women become more financially independent.