Meet the new MD & CEO of India Post Payments Bank - Suresh Sethi

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The India Post Payments Bank (IPPB) has today appointed Suresh Sethi, the former managing director of Vodafone M-Pesa Ltd as its Managing Director and Chief executive Officer (MD & CEO). Before joining Vodafone in November 2012, Sethi worked with Anthemis as an advisor, Yes Bank as group president for transaction banking and financial institutions, as well as Citibank in various positions across India, Kenya, London, Argentina and the United States.

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. He is going to replace AP Singh,  who had been the interim MD and CEO of IPPB since January 2017.

“His experience in the digital and mobile payments space will be of great relevance to IPPB which aims to deliver financial inclusion with special focus in rural and semi-urban India and among the under-banked segments,” the bank announced in a statement.

IPPB has been incorporated as a public limited company under the Department of Posts with 100 percent government of India equity. An account holder in IPPB can deposit up top Rs 1 lakh, withdraw cash from authorised centres and make payments as done in case of normal saving bank accounts. 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.

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