Explanation – The primary aim of IPPB is to provide accessible, affordable, and reliable banking services to the common man, particularly targeting the unbanked and underbanked segments in both urban and rural areas. One of the standout features of IPPB is its doorstep banking service, which leverages the extensive postal network of over 1.55 lakh post offices and 3 lakh postal employees, including postmen and Gramin Dak Sevaks, to deliver banking services directly to customers’ homes. IPPB offers services through a combination of digital platforms (such as mobile and internet banking) and physical presence (such as counter operations at post offices and micro-ATMs). IPPB is a payments bank and, by regulation, it cannot issue credit cards. Payments banks are restricted to offering limited banking services and cannot provide credit facilities like loans or credit cards.

Source: AIR