Guwahati: India Post Payments Bank (IPPB) has reported a staggering 1530% Year-on-Year (YoY) growth in its Direct Benefit Transfer (DBT) revenue from FY 2022-23 to FY 2023-24.
Moreover, IPPB is expanding its offerings to include UPI and AEPS withdrawal services, enabling customers to withdraw funds from other banks as well, according to Abhishek Jain Director Postal Services (Mails & BD), Guwahati.
“We have successfully integrated Aadhaar seeding with multiple government schemes, which has driven our DBT growth, Jain told BNE.
"In addition to these services, our current focus is on providing general insurance, health insurance, accident coverage, vehicle insurance, and loan products," Jain shared. "While IPPB operates as a third-party bank offering financial solutions at the lower economic spectrum, we plan to place more emphasis on loan services in the future."
India Post Payments Bank (IPPB) has seen remarkable growth in two major sectors, primarily in its Direct Benefit Transfer (DBT) services and Aadhaar registration facilities. Over the past six years, IPPB has acquired a customer base of over 10 crore, with Aadhaar registration services further boosting its reach, according to the data released by postal department of Assam.
This surge was resulted due the 59% registration of PM-KISAN beneficiaries with Aadhaar-seeded accounts. Additionally, the bank has seen overall revenue growth of 102%, adding over 35 lakh new accounts since its inception.
Year-on-Year Growth Highlights for IPPB
IPPB's revenue has seen an impressive Year-on-Year (YoY) growth of 102% from FY 2022-23 to FY 2023-24. Since its inception, the bank has added over 35 lakh accounts. The DBT revenue alone has grown by 1530%, underscoring the bank’s increasing market share in this vital sector. Additionally, YoY growth exceeding 100% in both CASA balances and interest income is attributed to the successful execution of Aadhaar seeding, in alignment with various central and state DBT mandates.
Strengthening Financial Inclusion in Assam
IPPB Assam Circle continues to make strides in financial inclusion by providing access to banking services in underserved regions. The bank has actively partnered with government departments to open Aadhaar-seeded accounts for beneficiaries of schemes such as PM-KISAN, MNREGA, and PMMVY. During FY 2023-24, the Assam Circle received Rs. 1,367 crore in DBT transfers for over 16 lakh beneficiaries.
With its 59% share of PM-KISAN beneficiaries and 8% share in MNREGA beneficiaries in Assam, IPPB has established itself as a key player in the state’s financial ecosystem. The total DBT beneficiary share for the Assam Circle, including beneficiaries from NSAP, PMAYG, and Orunodoi schemes, stands at 12%.
Apart from its robust DBT services, IPPB also offers a wide range of services, including Savings and Current Accounts, DBT for social welfare schemes, loans, insurance products, and bill payment services. Other key offerings include Aadhaar enrollment for children up to 5 years, mobile number updating, and doorstep cash-based services. Through UPI 2.0, Dak Pay App, and AePS, IPPB has enhanced its digital banking and merchant payment capabilities.
In addition to banking services, India Post’s Assam Circle also provide vital services through Aadhaar and Passport Seva Kendras, E-payment services, and Gangajaal offerings sourced from Gangotri.
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