India Post Payments Bank turns profitable, registers operating profit of Rs 20 crore in FY23

India Post Payments Bank has registered profit for the first time in the financial year 2022-23. The subsidiary of Indian Post earned an operating profit of Rs 20.16 crore in the last financial year. During this period, the income of India Post Payments Bank has seen an increase of 66.12 percent. During this, there has been an increase of 17.36 percent in the cost.

In a statement issued by India Post Payments Bank, it was said that IPPB has registered an operating profit of Rs 20.16 crore during 2022-23. During this period, there has been a lot of growth in the business of the bank.

India Post Payments Bank Managing Director and Chief Executive Officer J Venkatramu said the government's thrust on financial inclusion and regulatory support with initiatives like Jan Dhan Yojana, Aadhaar, and IndiaStack have played a key role in the bank's success.

Also said that the management of finance by the bank has been done with full efficiency. Apart from this, the bank has increased its financial offering.

He further informed that India Post Payments Bank aims to transform itself into a Universal Bank. The service has to be made available till the last end using digital infrastructure.

India Post Payments Bank (IPPB) comes under the Department of Posts. Its 100 percent stake is with the Government of India. It was started by Prime Minister Narendra Modi on September 1, 2018. Savings accounts, current accounts, money transfers, MNREGA and postal products, etc. are provided by India Post Payments Bank.