Government today set into motion the process to select CEO for India Post Payments Bank (IPPB).
IPPB has invited applications for the post of chief executive officer/managing director from eligible candidates, a public notice said.
Last year, India Post has received in-principle approval from RBI and subsequently nod from the Cabinet for setting up IPPB.
As per the notice, the candidate should be between 40-55 years, and a minimum 15 years of experience in financial services is mandatory.
India Post’s payments bank with 650 branches is expected to start functioning from September 2017. There are 1.54 lakh post offices, of which 1.39 lakh are rural ones.
The total asset of postal payments bank is Rs 800 crore, which will have Rs 400 crore equity and Rs 400 crore grant.
All ‘grameen dak sevaks’ in rural post offices will be given hand-held devices by March 2017.