India Post Payments Bank Announces

 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. He was speaking at the First Anniversary of IPPB’s full year
of business operations at a glittering ceremony organized at Vigyan Bhawan, New Delhi. Other dignitaries present
on the occasion included Shri Anant Narayan Nanda, Secretary, Department of Posts, Ministry of
Communications; and Shri Suresh Sethi, MD & CEO, India Post Payments Bank along with senior Ministry, DoP
and IPPB officials.

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 complimented 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 enquiry 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 Ravi Shankar Prasad, Union Minister for Communications,
Electronics & IT and Law & Justice 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 crore 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 crore 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 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
enquiry 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.”
Shri Dilip Asbe, Managing Director & CEO, National Payments Corporation of India said, “IPPB’s integration
with AePS could be a new dawn in the realm of financial inclusion. AePS is moving forward in empowering all
sections of the society by making financial services available to people from the farthest possible places. August
2019, transaction value of AePS stood at Rs. 10,034.12 crore; it is a testimony of the fact that India is using AePS
in a big way for banking services. We believe the support of IPPB’s unmatched reach of Postal network along
with the trust and social collateral it enjoys, will create new inroads into furthering RBI and government of India’s
vision.”
About India Post Payments Bank
India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of
Communication with 100% equity owned by Government of India. IPPB was launched by the Hon’ble Prime
Minister Shri Narendra Modi on September 1, 2018. The bank has been set up with the vision to build the most
accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post
Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the
Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.
IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and
Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated
smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the
masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 language.

IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will
prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto
stands true – Every customer is important, every transaction is significant and every deposit is valuable.
For more information, please visit www.ippbonline.com
About NPCI
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for
operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of
the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement
infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail
payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI),
Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and Bharat
BillPay. NPCI also launched UPI 2.0 to offer a more secure and comprehensive services to consumers and
merchants.
NPCI is focused on bringing innovations in the retail payment systems through use of technology and is
relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with
nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
For more information, visit: https://www.npci.org.in/
For details, contact:
India Post Payments Bank
Sankalp Saini
[email protected]
NPCI
Swagata Gupta
[email protected]

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