India Post Payments Bank Hires Former Vodafone Top Executive As MD, CEO
Suresh Sethi takes over from AP Singh who had been the interim MD and CEO of India Post Payments Bank since January 2017.
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India Post Payments Bank today appointed Suresh Sethi, former Vodafone M- Pesa managing director, as the bank’s managing director and chief executive officer.
He takes over from AP Singh who had been the interim MD and CEO of IPPB since January 2017, IPPB said in a statement. Sethi had 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, the statement added.
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.
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.