What is IPPB?
It is an Indian postal payments bank that operates through a network of post offices and almost 4 lakh postmen. The Reserve Bank of India (RBI) oversees it. The Prime Minister established the IPPB in 2018, with the Government of India owning 100% of the shares.
The bank was founded with the goal of being India’s most accessible, inexpensive, and trustworthy bank for the average man. The IPPB’s primary mission is to remove barriers for the unbanked and underbanked and to reach the last mile. IPPB is dedicated to promoting a cashless economy and contributing to the vision of Digital India.
IPPB Mobile Banking
India Post Payments Bank (IPPB) offers different mobile banking services to its customers. With the help of these services, customers can do their banking transactions on their mobile phones. Before you can use the mobile banking services offered by IPPB, such as transferring money, recharging your mobile or DTH connection, and checking your balance, you need to register for IPPB mobile banking. Unlike sbi passbook or ICICI branch visit, you get the banking at your convenience.
The great thing is that you can easily sign up online without going to a bank or ATM. Also, you can get the necessary app on your phone to easily do all your banking tasks whenever you want. Additionally, you can get this app on your Android phone only by using the Play Store. And you can quickly start using IPPB mobile banking without having to fill out any forms or go through any other procedures.
- Step 1: Go to the Google Play Store and search for and install the IPPB app, then launch and open the app.
- Step 2: The IPPB mobile banking website will open in front of you, with two options: LOGIN RIGHT NOW AND OPEN YOUR
- Step 3: A new interface will appear on your smartphone screen. Click the REGISTER button after entering your Account Number, Customer ID, Date of Birth, and registered Mobile Number.
- Step 4: A new page will now display. Set your four-digit MPIN and type it in the New MPIN field. Enter your set MPIN again under the Re-Enter MPIN option to confirm it. Then, in the lower right corner of the screen, click the red Set MPIN button.
- Step 5: You will now be sent a six-digit OTP to your registered mobile number. Enter this OTP into the supplied field and press the Submit button. You should now get a notice on your smartphone screen indicating that your registration was successful. To use the app, click the LOGIN button and enter your freshly generated MPIN.
A new screen will emerge, on which you may see your IPPB mobile banking account’s Mini Statement as well as your bank account number. Finally, click on the “Eye” symbol in the top-right corner of the screen to see your current account balance in the top left corner.
Advantages of IPPB:
Customers may take use of IPPB’s simple banking services. Customers may access their accounts, conduct transactions, and use banking services from the comfort of their homes or on the road thanks to features such as mobile banking and Internet banking. This eliminates the need to go to a real bank location and increases flexibility.
The IPPB mobile banking encourages digital payments while reducing dependency on cash transactions. Customers may use their smartphones to pay bills, transfer monies, and perform other financial operations, helping to the government’s objective of a cashless economy.
Financial Services Provided by Third Parties
Because of its partnerships with other financial organisations, IPPB can provide third-party financial products like as insurance, mutual funds, and pension services. This broadens the number of financial solutions accessible to clients, giving them additional options for achieving their financial objectives.
Government Benefit Disbursement
By allowing the immediate delivery of government welfare programmes and subsidies to beneficiaries’ accounts, IPPB promotes direct benefit transfers (DBT). This guarantees that benefits are delivered in an effective and transparent manner, eliminating leakages and delays.
Minimum Balance Requirement is Low
IPPB provides basic savings accounts with minimal minimum balance requirements, making it available to consumers of all income levels. Individuals who do not have big quantities of money to keep in their accounts would benefit from this.
IPPB offers customer care through a variety of methods, including helpline numbers and email assistance. This guarantees that consumers may seek support and have their questions or concerns about their accounts and services addressed.
Disadvantages of IPPB
In some distant places, a lack of dependable internet access and technological infrastructure might impede the proper operation of IPPB’s digital banking services. Customers in specified locations may have limited access to services as a result.
Convincing people to switch from traditional banking procedures to IPPB might be difficult. People may have formed ties with existing institutions and be wary of trusting a new financial organisation.
Many potential clients, particularly those living in rural regions, may be unaware of IPPB and its services. It is still difficult to educate and raise awareness about the benefits and functionality of IPPB.
Security and trust
It is critical to instil trust and confidence in consumers regarding the security of their transactions and personal information. Addressing data privacy, fraud prevention, and cybersecurity issues is a continuing task.
IPPB may face difficulties in adhering to severe banking rules and compliance standards. Keeping up with regulatory changes and putting relevant procedures in place can be time-consuming.
IPPB competes with existing commercial and public sector banks in a highly competitive banking landscape. IPPB faces a problem in competing with these institutions, which have a large client base and established trust.
Human Resources and Education
It is critical to keep a qualified workforce and provide proper training to personnel, particularly postmen and postal employees who deliver financial services. Maintaining a good level of customer service and understanding of banking procedures may be difficult.
Connectivity to the Last Mile
While India Post has a large network, securing efficient last-mile connection can be problematic, especially in distant and difficult-to-reach places. Customers in such areas may find it difficult to use IPPB services as a result of this.
Due to its existing operating strength and concentration on rural regions, India Post Payment Bank (IPPB) has great potential. IPPB has a vast network, with 650 branches/controlling offices located across every district and about 1,36,078 post offices serving as banking access points. Furthermore, 22,251 head and sub-post offices are prepared to provide financial services. Over 2 lakh postmen and Gramin Dak Sevaks (GDS) are involved, allowing for doorstep banking services in both urban and rural regions.