Making a transformative milestone in the realm of banking services, India Post Payments Bank (IPPB) proudly declares the continuation of its profit streak, reiterating its steadfast dedication to sustainable financial inclusion and citizen empowerment. Celebrating maiden profit journey last financial year and continuing of a successful profit run with the close of first-quarter this financial year, the IPPB is wholeheartedly committed to driving the Digital India initiative, ensuring no one is left behind, even in the remotest corners of the country.
Since its foundation, the IPPB has been motivated by the dream of extending doorstep banking services to millions of households nationwide. The journey began with pilot branches launched in Ranchi, Jharkhand and Raipur, Chhattisgarh in the year 2017 and witnessed unprecedented success in a remarkably short span to make it a dominant banking service provider at the last mile.
IPPB is delighted to share the extraordinary accomplishment of generating an operational profit of Rs. 20.16 Crore during financial year 2022-23, culminating in a year of tremendous progress for the bank. A growth of 66.12 per cent in overall revenue was witnessed, which surpassed an increase in overall operating costs of 17.36 per cent, were the main factors in this accomplishment, demonstrating the power of IPPB’s customer-centric and cost-effective banking model.
“The IPPB’s success story is a testament to the collective efforts of our dedicated team, stakeholders, and most importantly, the trust of our family consisting of more tthan seven crore valuable customers,” quoted Shri J Venkatramu, MD & CEO, India Post Payments Bank. “Thanks to the slew of policy initiatives like Jan Dhan, Aadhaar, India Stack, etc & regulatory push like differentiated banking category, e-KYC, etc in the domain of financial inclusion that contributed tremendously in propelling IPPB’s success story. The bank’s prudent financial management, backed by regulatory support, has paved the way for exponential growth in customer base and product offerings,” he added.
