Concept:The Digital Payments Award recognizes institutions for building a robust digital payment ecosystem and promoting financial inclusion in India.
Key Fact:The Digital Payments Award 2024-25 was presented to India Post Payments Bank (IPPB) by Union Finance Minister Smt. Nirmala Sitharaman and Minister of State for Finance Shri Pankaj Chaudhary.
Explanation:IPPB was honored for its outstanding impact on digital inclusion, bridging the financial gap between urban and rural populations. It leverages India Post’s network of over 1,55,000 access points to deliver secure Direct Benefit Transfer (DBT) and UPI services at the doorstep. The bank uses biometric-based authentication to onboard millions of first-time digital users. Launched on September 1, 2018, IPPB is a 100% government-owned entity under the Department of Posts. It operates on the Aadhaar Enabled Payment System (AePS) and manages more than 8 crore accounts, focusing on unbanked segments, small businesses, and migrant laborers. The Ministry of Finance and RBI use the Financial Inclusion Index (FI-Index) and Digital Payments Index (DPI) to monitor progress.
Answer:Option A: Smt. Nirmala Sitharaman and Shri Pankaj Chaudhary.