On 17 August 2016, it was registered as a public limited government company for setting up a payments bank.

[4] The first phase of the bank, with 650 branches and 3,250 post offices as access points, was inaugurated on 1 September 2018.

In January 2022, India Post Payments Bank[10] crossed the 80 million customers mark.

IPPB aims to utilize all of India's 155,015 post offices as access points and 300,000 postmen and Grameen Dak Sewaks to provide doorstep banking services.

[2][3]IPPB offers savings accounts, money transfer[12] and insurance through third parties, bill and utility payments.