Postal dept acquires 5 crore accounts in three years


Representative Image: Ajith PV

Kottayam: The Postal department turned out to be the fastest growing banking system of India gaining five crore account holders within three years. 2.40 crores accounts are in the name of women and this shows the acceptance of the India Post Payment Bank of the postal department among middle-class families. Its operations have contributed to the efforts of advancing India’s digital banking.

The banking service which began in September 2018 touched the mark of 5 crore accounts through door-to-door service. 41 per cent of the total accounts belong to persons between 18 and 35 age group. The facilities for mobile banking has appealed the young people to opt postal banking.

The department could manage more account transactions during the pandemic time from 2020. The service of postmen also aided in the popularity of this banking system.

As there are 1,56,721 post offices, the banking services reached even in rural areas of the country. Among the 4,16,000 employees of the postal department, around 3 lakh were directly associated with the banking system.

Regular savings, digital savings and basic savings are those which are opted most. The departmental analysis pointed out that effortless bill payments and banking assistance without urban and rural disparities have added to the growth of the India Post Payment Bank.

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