View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
April 28, 2022

Government approves another $110m infusion in India Post Payments Bank

India’s Union Cabinet has approved another INR8.2bn ($107.12m) equity investment in India Post Payments Bank (IPPB) to further financial inclusion in the country. 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

Concurrently, it has given an in-principal nod to the future investment of up to INR5bn to help IPPB meet regulatory requirements and carry out technological upgrades. 

IPPB will use the proceeds to expand its services across the country by tapping the network of the Department of Posts.

According to the Indian government: “The objective of the project is to build the most accessible, affordable and trusted bank for the common man; spearhead the financial inclusion agenda by removing the barriers for the unbanked and reduce the opportunity cost for the underbanked populace through assisted doorstep banking.

“The project supplements Government of India’s vision of ‘less cash’ economy and at the same time promote both economic growth and financial inclusion.” 

Founded in September 2018, IPPB operates 650 branches and has enabled around 136,000 Post Offices to offer banking services. 

It is said to have equipped around 200,000 Postmen and Gramin Dak Sevaks with smartphone and biometric devices to provide banking services at a customer’s doorstep. 

Since its inception, IPPB has opened over 52 million accounts, with 77% of them in rural areas and 48% being women customers.

In September 2021, IPPB joined forces with LIC Housing Finance Limited (LICHFL) to offer home loans. 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Retail Banker International