India Post Payments Bank
India Post Payments Bank, abbreviated as IPPB, is a division of India 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 crore customers by December 2020. History. 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 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. In January 2022, IPPB had crossed 5 crore customers Services. IPPB aims to utilize all of India's 155,015 post offices as  access points and 3 lakh postal postmen and "Grameen Dak Sewak"s to provide doorstep banking services. IPPB offers savings accounts, money transfer and insurances through the third parties, bill and utility payments. The bank also provides features like: IPPB has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts.