4 lakh people from Andhra Pradesh opened accounts in IPPB

VISAKHAPATNAM: Though there was a downfall in the revenue for India Post from the non-traditional sector, around 4.13 lakh people from Andhra Pradesh have opened accounts in the India Post Payments Bank (IPPB) since its inception. The IPPBs in Rayalaseema have been performing comparatively well than in the coastal region. This shows that the people in the Rayalaseema region is much interested in IPPB.

According to statistics, the revenue for India Post from the non-traditional sector was down to Rs 2,971.22 crore in the fiscal year 2018-19, while India Post had earned Rs 3,353.60 crore and Rs 3,419 crore in the years 2016-17 and 2017-18 respectively. However, the IPPB has been gaining good response from the public in Andhra Pradesh with more than 4,135,85 accounts getting opened.

IPPB has set up 24 bran-ches, covering all the districts in AP. It has enabled 9,852 Banking Access poi-nts in AP and equipped 13,842 doorstep banking service providers with micro-ATM devices (Smartphone and biometric dev-ice) to provide a full suite of banking services, incl-uding cash deposits, withdrawal, account opening, money transfers, bill payments and DBT distribution at the customers’ doorstep.

Union minister of communications Ravi Shankar Prasad, in a statement in Parliament, earlier info-rmed that the Department of Posts and India Post Payments Bank have been actively pursuing with the government and private entities for a tie-up for disbursement of DBT benefits, salaries and other payments. Once the website gets stabilised, AP Circle has proposed to enroll leading e-commerce of AP online market to the e-commerce Portal.

IPPB received a good re-sponse in Rayalaseema re-gion, with an average of 20,876 accounts per bra-nch, when compared to an average of 15,410 accounts per branch in the Coastal region. Till date, 1,67,015 accounts were opened in all the eight branches of IPPB in Rayalaseema and 2,46,570 accounts in the remaining 16 branches th-at are located in coastal di-stricts. Nandyal in Kurn-ool district tops the list with 41,337 accounts followed by 26,908 in Ongole and 26,762 in Tirupati.

Meanwhile, Eluru, Nell-ore and Rajahmundry sto-od last with 5,584, 9,902 and 10,152 accounts respectively. The officials have been hoping that the IPPB wou-ld perform well this year when compared to the last financial year. They are al-so expecting that this wou-ld also boost the revenue of the non-traditional sector across the country.