- The appointments committee of the Union cabinet on Wednesday appointed J. Venkatramu as the managing director and chief executive officer of India Post Payments Bank (IPPB).
- Venkatramu has over 22 years of work experience behind him across various segments of banking services, such as payments, mobile banking and retail banking products.
- He has also managed digital financial services projects and is currently the chief digital officer of Equitas Small Finance Bank.
- He has been appointed for a period of three years “from the date of assumption of the charge of the post, or till the date of his superannuation, or until further orders, whichever is the earlier,” an official statement said.
- Suresh Sethi served as the founder managing director and chief executive of the payments bank till March 2020.
- IPPB is a public sector company, under the department of posts, with 100% government equity, and is governed by the Reserve Bank of India and was launched by Prime Minister Narendra Modi in 2018 to offer doorstep banking to customers, primarily in rural areas.
- The bank offers services such as savings and current accounts, money transfer, direct benefit transfer, bill and utility payments, merchant payments, but cannot issue loans like traditional banks.
- It deploys postmen, or Gramin dak sewaks, with cell phones and biometric devices to offer doorstep banking, mainly in rural areas.
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