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Sunday 24 July 2016

Hired employees will work in postal payment bank, not existing postal staffs.

India Post payments bank’s first chief may be an SBI executive

NEW DELHI: India Post Payments Bank, which is in a hurry to appoint a head, could get its first chief executive officer from the country’s largest lender State Bank of India (SBI).
The bank’s board comprising the CEO, chairperson, besides government nominees and five independent directors is expected to be in place by September.
India Post had written to top five government banks including SBI, Punjab National Bank and Bank of Baroda among others in identifying the chief.
Sources said that SBI chairman Arundhati Bhattacharya has already responded and proposed a name. However, at a later stage, the payments bank is likely to have a search and select committee in place for the appointment of a CEO.
“We are in a hurry to put everything in place as soon as possible, we sought suggestions from the top public sector banks to help us in finding a CEO,” SK Sinha, secretary, department of post, told HT.
The government set aside an initial corpus of ₹ 800 crore for the bank. While the bank will roll out 650 bank branches by September 2017, it will also use the 154,000 existing post offices to sell a host of its products and the new bank could hire about 2,000 people.

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