India Post Payments Bank Honoured with Digital Payments Award by Ministry of Finance

IN NEWS

India Post Payments Bank Honoured with Digital Payments Award by Ministry of Finance

ANALYSIS

• About the Recognition:
  The India Post Payments Bank (IPPB), a 100% Government of India-owned entity under the Department of Posts, Ministry of Communications, has been conferred the Digital Payments Award 2024–25 by the Department of Financial Services (DFS), Ministry of Finance.
  The award recognizes IPPB’s outstanding contribution to digital payments and financial inclusion across the country.
• Award Ceremony Details:
  • The award was presented by Smt. Nirmala Sitharaman, Union Minister of Finance & Corporate Affairs, and Shri Pankaj Chaudhary, Minister of State (Finance).
  • It was received by Shri R. Viswesvaran, MD & CEO, IPPB, and Shri Gursharan Rai Bansal, CGM & CSMO, IPPB, during a ceremony held in New Delhi.
• Performance Highlights:
  • IPPB achieved 1st position among all Payments Banks in India in the Performance Index for FY 2024–25.
  • It also received a ‘Special Mention’ Award for FY 2023–24, marking a significant improvement in performance.
  • This achievement reflects the bank’s robust technology infrastructure, inclusive operational model, and commitment to citizen-centric financial solutions.
• Institutional Role and Impact:
  • IPPB has emerged as one of India’s largest digital banking platforms, driving financial inclusion at scale.
  • Leveraging the extensive network of the Department of Posts, the bank operates a doorstep banking model powered by over 2 lakh Postmen and Gramin Dak Sevaks (GDS).
  • It has been instrumental in expanding digital payment systems to remote and rural regions, thereby supporting inclusive growth.
• Leadership Remarks:
  • Shri R. Viswesvaran highlighted that the recognition is a testament to IPPB’s mission of delivering accessible, inclusive, and trusted digital financial services.
  • He reaffirmed IPPB’s commitment to empowering citizens through secure and innovative technology-driven banking solutions.
• Strategic Significance:
  • The award reinforces IPPB’s position as a key enabler of the Government’s vision for a cash-light, digitally empowered economy.
  • It also strengthens the government’s broader goals under Digital India and Financial Inclusion initiatives.
  • IPPB’s success demonstrates the integration of traditional postal infrastructure with modern fintech innovation to achieve last-mile connectivity.

STATIC PORTION

• India Post Payments Bank (IPPB):
  • Launched: 1 September 2018
  • Parent Organization: Department of Posts, Ministry of Communications
  • Ownership: 100% Government of India
  • Vision: To be the most accessible, affordable, and trusted bank for the common man in India.
  • Core Mandate: To serve the unbanked and underbanked, and reach the last mile through the vast postal network.
  • Postal Network Reach: ~1.65 lakh post offices (of which ~1.4 lakh are in rural areas) and ~3 lakh postal employees.
  • Customers: Over 11 crore customers across 5.57 lakh villages and towns.
• Technological Framework:
  • Operates on India Stack principles — Paperless, Cashless, and Presence-less banking.
  • Utilizes smartphone-based Core Banking System (CBS) and biometric authentication for secure transactions.
  • Provides services in 13 Indian languages, enhancing accessibility and ease of use.
• Financial Inclusion Mission:
  • IPPB plays a pivotal role in advancing Digital India and promoting a less-cash economy.
  • Ensures that every citizen, regardless of geography or literacy, can access secure financial services.
  • Motto: “Every customer is important, every transaction is significant, and every deposit is valuable.”

Updated – 20 Jun 2025 ; 5:31 PM | PIB

[News Source: Press Information Bureau – Digital Payments Award 2024–25]