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India Post Payments Bank turns profitable, registers operating profit of Rs 20 crore in FY23
India Post Payments Bank: A profit of Rs 20.16 crore has been registered by India Post Payments Bank during 2022-23. India Post Payment Bank comes under the Department of Post. Its 100 percent stake is with the Government of India. This savings account offers services like current account money transfer MNREGA and postal products.
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.
