Indian Post Payments Bank (IPPB) has appointed Suresh Sethi, ex Vodafone M-Pesa Managing Director as the bank’s MD and CEO. He will take over from AP Singh who had been appointed as interim MD and CEO of Indian Post Payments Bank since 2017.
Suresh Sethi has been selected by the Banks Board Bureau from amongst top contenders for the post, from both public and private sector banking and financial technologies professionals.
About Suresh Sethi, New MD CEO of Indian Post Payments Bank
He has broad international experience of over 27 years in the Banking and Financial Services industry with Citigroup, YES Bank and Vodafone M-Pesa across India, Kenya, UK, Argentina and the U.S. Sethi has extensively worked in the financial inclusion space leveraging fintech and digital led innovation.
His experience in the digital and mobile payments space will be of great relevance to IPPB which aims to deliver financial inclusion with special focus in rural and semi-urban India and among the under-banked segments.
The IPPB had targeted to set-up 650 branches across country by September this year but it now aims to complete the roll out of these branches by early next year. The bank offers interest rate of 4.5 percent on deposits up to Rs 25,000; 5 percent on deposits of Rs 25,000-50,000 and 5.5 percent on Rs 50,000-1,00,000.
An account holder in payments bank can deposit up top Rs 1 lakh, withdraw cash from authorised centres and make payments as done in case of normal saving bank accounts.
It has been incorporated as a public limited company under the Department of Posts with 100 percent government equity.