India Post Payments Bank (IPPB) achieved its first operational profit of Rs 20.16 crore in 2022-23, showcasing commitment to inclusive banking. Launched in 2018 with government ownership, IPPB utilizes India’s vast postal network and follows principles of India Stack for paperless, cashless, presence-less banking. It empowers financial inclusion with services in 13 languages, benefiting the unbanked. Initiatives like ‘Niveshak Didi’ for women, loan referrals, and digital services have expanded outreach. Future goals encompass universal service provision through technology-driven innovation.
Facts/Terms for UPSC Prelims
- India Post Payments Bank (IPPB): A government-owned bank launched in 2018, leveraging India’s postal infrastructure for inclusive, tech-driven banking services.
- India Stack: A set of open APIs and technologies that promote a digital infrastructure for paperless, cashless, and presence-less service delivery.
- Financial Inclusion: The endeavor to provide affordable and accessible financial services, especially to marginalized and unbanked populations, promoting economic empowerment.
- Niveshak Didi: An initiative by IPPB targeting women beneficiaries to empower them economically through various financial services.
- Digital Life Certificate: A service offered by IPPB to pensioners allowing them to validate their existence digitally, streamlining pension distribution.