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Ravi Shankar Prasad exhorts India Post Payments Bank to achieve 5 crore target

Speaking at the First Anniversary Celebrations of IPPB here, the Minister congratulated IPPB for achieving the milestone of 1 Crore customers and exhorted them to achieve 5 crore target in next one year.

Devdiscourse News Desk | Updated: 09-09-2019 15:50 IST | Created: 09-09-2019 15:50 IST
Ravi Shankar Prasad exhorts India Post Payments Bank to achieve 5 crore target
With the launch of AEPS services, IPPB has now become the single largest platform in the country for providing interoperable banking services to the customers of ANY BANK by leveraging the last mile unprecedented reach of the Postal network. Image Credit: Twitter(@PIB_India)

The Union Minister for Communications, Electronics & IT and Law & Justice Shri Ravi Shankar Prasad today announced the rollout of Aadhaar Enabled Payment System (AePS) Services by India Post Payments Bank (IPPB), giving a strong boost to its efforts in expanding access to financial services for millions of unbanked and underbanked customers. Speaking at the First Anniversary Celebrations of IPPB here, the Minister congratulated IPPB for achieving the milestone of 1 Crore customers and exhorted them to achieve 5 crore target in next one year. Referring to 440 Central schemes on-boarded to the DBT platform, Shri Prasad said that all these schemes must ride on IPPB platform too. He said, 'Inclusive' is the key mantra of the government and the Department of Posts should strive for Banking the unbanked, funding the unfunded and securing the unsecured.

With the launch of AEPS services, IPPB has now become the single largest platform in the country for providing interoperable banking services to the customers of ANY BANK by leveraging the last mile unprecedented reach of the Postal network.

IPPB's unparalleled network complemented with robust interoperable technology platform set up by National Payments Corporation of India (NPCI) is poised to take banking to each & every household across the remotest parts of the country. With AePS services any common person with a bank account linked to Aadhaar can perform basic banking services such as cash withdrawals and balance inquiry irrespective of the bank, they hold their account with. To avail these services, a customer with an Aadhaar linked account can simply authenticate his/her identity with fingerprint scan & Aadhaar authentication to complete a transaction. AePS services are bank-agnostic and are driven by an inexpensive infrastructure enabling low-cost delivery of doorstep banking services to every section of the society without discrimination, thus bringing forth the dawn of a 'Truly Inclusive Financial System'.

Speaking about the launch of AePS services, Shri Prasad said, "As the biggest Financial Inclusion initiative in the world, Pradhan Mantri Jan Dhan Yojana brought millions into the economic mainstream. There are over 34 crores Jan Dhan accounts out of which 22 crore account holders are in rural India. With IPPB's AePS Services, we now have the ability to provide Interoperable Doorstep banking services to customers of ANY BANK including the 34 crores Jan Dhan account holders, by leveraging the unprecedented last mile reach of IPPB. This fulfills the Hon'ble Prime Minister Shri Narendra Modi's vision set forth at the time of launch of IPPB last year of ushering in economic transformation by bringing banks to the doorsteps of the villagers and poor. I wish IPPB and its management all the success in its future growth journey."

Shri. A.N. Nanda, Secretary, Department of Posts said, "It has been our belief that financial and banking services have a transformational impact on the lives of people and communities. For a significant majority of these people, the Postman and Grameen Dak Sevak (GDS) are the most important channel for delivery of various financial services at the last mile, making India Post Payments Bank the most accessible, affordable and trusted bank for them. The launch of AePS by India Post Payments Bank enhances the last mile interoperable banking infrastructure by 2.5 times. The network brings doorstep banking access to millions of underbanked customers and gives a fresh impetus to the inclusion of customers facing accessibility challenges in the traditional banking ecosystem."

Shri Suresh Sethi, Managing Director & CEO, India Post Payments Bank said, "With the launch of AePS services, IPPB has now become the single largest interoperable platform in the country. By leveraging AePS customers can now access their accounts with ANY BANK by simply using their fingerprint for cash withdrawal and balance inquiry right at their doorstep through the Postmen and GDS. IPPB's services are now available across more than 136,000 Post Offices and delivered by over 195,000 Postmen and GDSs. The ability of the Postmen and GDS to reach every village on an almost daily basis has brought down the distance to access banking services to '0 kms', truly capturing the essence of Aapka Bank, Aapke Dwaar."

(With Inputs from PIB)


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