India Post Payments Bank (IPPB), is currently inviting applications for the post of MD and CEO, according to an advertisement placed by the Banks Board Bureau (BBB) in the January 9 edition of Financial Express. This suggests that the current MD and CEO of IPPB, Suresh Kumar Sethi is potentially on his way out, although, we don’t know if he would depart from IPPB altogether, or assume a different role. We have reached out to IPPB for more details.
According to the advertisement, the last date to apply for the position is January 31, 2020. Upon being appointed MD and CEO, the person would be responsible for, among other things, ensuring that all regulatory and statutory guidelines are adhered to at all times across functions at IPPB. The person will also be tasked with managing “cross-functional restraints,” according to BBB’s website. The term of office of the post shall be for 5 years subject to the age of superannuation at 60 years, and it may extended further by 5 years, contingent upon performance, the advertisement said.
Incumbent Sethi, who was appointed as MD and CEO of IPPB in October 2017, was previously managing director, at the now defunct, Vodafone M-pesa.
IPPB formally commenced operations in September 2018 in 650 branches and 3,250 access points across the country after a year-long pilot. As of November 2019, IPPB had set up a network of access points at 1.3 lakh post offices, out of which 1.13 lakh are in rural India, IT Minister Ravi Shankar Prasad had informed Parliament. In September, it rolled out Aadhaar Enabled Payment System (AePS) services allowing for withdrawal of cash from Aadhaar-linked bank accounts.
In August 2019, we reported that IPPB was converted into a a small finance bank to enable small loans to individuals and SMEs. Before that, in July, it had become a scheduled bank after it was included in the Second Schedule to the Reserve Bank of India Act, 1934, which allows it to borrow money from the Reserve Bank of India.