24 October 2017 06:54:34 IST

India Post Payments Bank gets private-sector stamp

Vodafone M-Pesa’s ex-boss Suresh Sethi appointed MD & CEO

India Post Payments Bank (IPPB) appointed Suresh Sethi as its Managing Director and Chief Executive Officer on Monday.

Sethi had been selected by the Banks Board Bureau from top contenders for the post, including public and private sector banking and fintech professionals, the company said in a statement.

He was the former Managing Director of Vodafone M-Pesa and has broad international experience of over 27 years in the banking and financial services industry with Citigroup and YES Bank, across India, Kenya, the UK, Argentina and the US.

He has also worked in the financial inclusion space, where he leveraged digital-led innovation. Sethi takes over from AP Singh, who has been the interim Managing Director and CEO of IPPB since January.

IPPB has been incorporated as a public limited company under the Department of Posts with 100 per cent Government of India equity.

The company plans to leverage the reach of the India Post network to achieve a pan-India rollout of 650 branches by early next year.