NEW DELHI: The Registrar of Companies under the Ministry of Corporate Affairs (MCA) has incorporated the India Post Payments Bank (IPPB) Limited that will allow IPPB to start critical operations such as recruitment of banking professionals ahead of its services commencement from March 2017.
IPPB is expected to start operations with a capital expenditure of Rs 800 crore under the Department of Posts (DoP) and plans to set up 50 branches initially which would be expanded to 650 by September 2017.
The move will allow the government to fill in key positions for running IPPB.
The Board's constitution will include five independent directors (51%) and four (49%) in-house representatives from the government, including DoP, a top government official earlier said.
The DoP is also working on to employ as many as 2,000 individuals across multiple roles that will include Chief Finance Officer (CFO), Chief Technology Officer (CTO), Chief Risk & Compliance Officer and branch managers through the Banks Board Bureau (BBB).
The Department of Financial Services is, however, acting as a nodal agency for the setting up of IPPB.
Through 1.55 lakh post offices which will also act as an extension for payments bank services together with 650 full-fledged branches, the government aims to bring financial inclusion for the unbanked.
IPPB is poised to create a national payments architecture riding on a modern payments platform and ubiquitous information and communication technologies that can be accessed by all users and service providers like never before, the department in a statement said.
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