India Post Payments Bank Wins Digital Payments Award 2024–25

The India Post Payment Bank has won the Digital Payments Award 2024-25  for its outstanding contribution in expanding digital payments and financial inclusion across the country.

The award has been instituted by the Department of Financial Services, Ministry of Finance, Government of India.

Awards for India Post Payment Bank 

• The India Post Payment Bank was ranked first amongst the Payment Banks in the  Performance Index for Financial Year 2024–25.
• It received the Digital Payments Award 2024-25 for this achievement.
• The India Post Payment Bank also received a ‘Special Mention Award’ for its performance in the financial year 2023-24.

Who gave the award?

• The award was presented by Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs, and Pankaj Chaudhary, Union Minister of State of Finance.
• The award was received by R. Visweswaran, the managing director(MD) and Chief Executive Officer (CEO) of the India Post Payment Bank, at a ceremony in New Delhi.

Payment Banks in India

Payment Banks were set up in India on the recommendation of the Nachiket Mor committee on “Comprehensive Financial Services for Small Businesses and Low-Income Households” set up by the Reserve Bank of India (RBI) in 2013.  

RBI finally gave a licence to seven Payment Banks, but four are operational.

RBI imposed restrictions on the Paytm Payment Bank on 31 January,2024 and asked the bank to stop operation,s including accepting new deposits, money transfers and other services.

Paytm Payment Bank started its operation in 2017, and its headquarters are in Noida, Uttar Pradesh.

4 operational payment Banks 

• New Delhi Airtel Payment Bank was the first to start operation in 2017.
• Mumbai-based Fino Payment Bank started operation in 2017.
• Mumbai-based NSDL Payment Bank started operations in 2018
• India Post Payment Bank

About India Post Payment Bank (IPPB)

The India Post Payment Bank (IPPB) has been established by the Department of Posts under the Union Ministry of Communications.

On 30 January 2017, a pilot branch was opened in Ranchi (Jharkhand) and Raipur (Chhattisgarh).

Prime Minister Narendra Modi formally launched the Bank on 1 September 2018.

Headquarters: New Delhi 

Punchline  of the Bank: Aapka Bank Aapke Dwar 

MD and CEO- R Viswesvaran 

Also Read: RBI: Six member Payment Regulatory Board to regulate payment systems