IPPB Annual Report 2020-2021 | India Post Payments bank (IPPB) Annual Report 2020-21 | IPPB Incurred Loss of Rs 320 Crores for the year 2020-2021
India Post Payments Bank (IPPB) has been setup with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of IPPB is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the vast reach of the Postal network. Since its nation wide launch on September 1, 2018, IPPB has enabled more than 136,000 Post Offices to provide a complete suite of banking services. Of these Post Offices, 110,000 are in rural India leading to banking infrastructure increasing by almost 2.5 times.
Over 1.89 lakh Postmen & Gramin Dak Sevaks (GDS) have been equipped with smartphones and biometric devices to provide Doorstep Banking Services. The enablement of Post Offices to provide banking services has reduced the average ‘distance to a rural banking service point’ from 5-6 kms (rural bank branch infrastructure) to 2.5 km (average distance to a post office). The sheer ability of the last mile doorstep banking service providers (Postmen and GDS) to reach every village on an almost daily basis has brought down the
distance to access banking services to ‘0 kms’, thus truly capturing the essence of Aapka Bank, Aapke Dwaar. With the launch of Aadhaar Enabled Payment System (AePS) Service in August 2019, IPPB currently offers one of the single largest platform in the country for providing interoperable doorstep banking services to ANY BANK CUSTOMER, leveraging the last mile unprecedented reach of the Postal network. The Jan Dhan programme has been instrumental in bringing millions of Indians into the fold of financial inclusion. As of September 30, there were 43.5 crore Jan Dhan account holders of which two-thirds of beneficiaries are in rural and semi-urban areas. With AePS service, IPPB has the ability to serve all customer segments, including Jan Dhan account holders, giving a fresh impetus to the inclusion of customers facing accessibility challenges in the traditional banking eco system. Since inception till March 31, 2021, IPPB has introduced a range of unique solutions that not only cater to the needs and requirements of different customer segments but also makes digital adoption easier at the last mile by enabling an assisted banking model.
PERFORMANCE HIGHLIGHTS AND OVERVIEW During the period, the Company has recorded a total revenue of ₹2,13,13,15,740 and total expenditure of ₹5,33,67,54,617. Total loss during the year 2020-2021 is ₹3,20,54,38,877. In the previous year, Company has incurred a loss of ₹3,34,01,34,041.
