India Post Payments Bank disbursed over Rs 45,000 cr in DBT in last 7 years

New Delhi, Sep 01: India Post Payments Bank (IPPB) has successfully disbursed over Rs 45,000 crore in Direct Benefit Transfers (DBT) to beneficiaries under various government schemes, said the Ministry of Communication while marking IPPB's seventh Foundation Day on Sunday.

Launched on September 1, 2018, by Prime Minister Narendra Modi, IPPB was established under the Department of Posts, Ministry of Communication to provide the most accessible, affordable, and trusted digital banking services to underserved and unbanked families at their doorstep.

In the last seven years, the IPPB enabled paperless, cashless and presence-less banking while acquiring over 9.88 crore customer accounts.

"As we celebrate seven years of empowering India’s underserved communities, we are proud of the impact IPPB has made so far. Our mission remains steadfast -- to make banking accessible to every household in India, especially in the farthest corners of the country, including the North-East," said Jyotiraditya Scindia, Minister of Communication, in a statement.