DoP looking for its payments bank's CEO; dials PSBs

The Department of Posts has asked select public sector banks to nominate their board level members or senior executives for the post of CEO at India Post Payments Bank (IPPB), which is set to be operational in March 2017.
The board of IPPB is likely to be in place within 45 days with 5 independent members and 4 in-house representations, the DoP said.
"We have written to select public sector banks like Punjab National Bank, Canara Bank, Bank of Baroda, Bank of India, Union Bank to recommend their board level officers or senior executives who may be interested in managing our payments bank as CEO on deputation basis," DoP Secretary SK Sinha today told reporters here.

He said the department has not approached SBI because the largest public sector bank has tied up with a payments bank of a private entity which will be in conflict with the interest of IPPB.
Sinha said the DoP will follow routine selection process and finally recruit the CEO and COO through Department of Financial Services.
"We expect board of IPPB should be in place within 30 to 45 days. If we get the name of the CEO then we can have board running," Sinha said.
The IPPB is set to start operation from March with 2,000 employees and 50 branches and gradually increase to 650 by September 2017.

"We will have 650 branches co-located with post offices in most of the cities. We will also link all 1.55 post offices as banking correspondents of IPPB. In couple of days we will float request for proposal to shortlist technology vendor who will provide us modern banking solution like internet banking, NEFT, RTGS, mobile application etc," Sinha said.