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India Post Payments Bank’s Total Customer Base Crosses 3.6 Crore


New Delhi, (Global News) : In a significant push to expanding access to financial services to unbanked and underbanked customers in India, India Post Payments Bank (IPPB) today announced that its total customer base has crossed 3.6 crore and it has completed over Rs 38,500 crore financial transactions cumulatively till September 15. These milestones are noteworthy considering the Bank launched its operations just two years back on September 1, 2018.

In August last year, the Bank had crossed the milestone of 1 crore customers.  Some of the other major achievements and milestones of IPPB between Sep 1, 2019 till September 15, 2020 are:

- Total number of financial transactions at 12.5 crore totalling to nearly Rs 33,600 crore

- Added 2.5 crore customers, a growth of nearly 2.5 times  

- Deposits surged by more than five times to Rs 1,558 crore from Rs 303 crore year on year

- 99% of IPPB accounts updated with Aadhaar number

- Number and value of bill payment transactions processed have increased by five times to 1.21 crore and Rs 230 crore respectively

- Number and value of AePS transactions processed are around 2.8 crore and Rs 6,182 crore respectively   

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