New Delhi: The union cabinet has approved ₹820 crores in financial support for India Post Payments Bank, reported by an unnamed source.

India Posts Payments Bank (IPPB) has recently crossed its 5 crore customer mark in just three of commencement of operations to become one of the fastest-growing digital payments banks in the country.

IPPB opened up these five crore accounts in digital and paperless mode through its 1.36 lakh post offices, out of which 1.20 lakh are in rural areas with the help of about 1.47 lakh doorstep banking service providers.

Out of the total account holders, around 48% were women account holders, while 52% were male, which indicated the Bank’s focus on bringing the women customers into the banking network.

About 98% of accounts of women were opened at the doorsteps and over 68% of women were availing of DBT benefits.

IPPB revealed that it attracted youths to avail of digital banking services. Over 41% of account holders were in the age group of 18 to 35 years.

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