RS Sodhi, MD Amul elected on board of India Post Payment Banks

Strengthening its team with stalwart professionals, board of India Post Payment Banks (IPPB) has appointed RS Sodhi, MD, Amul as its new independent director. IPPB is the payment arm of the postal department.

Confirming the news, one of the officials stated that Gujarat Cooperative Milk Marketing Federation (GCMMF) Managing Director RS Sodhi has been appointed independent director on the board of IPPB. With this development, Sodhi becomes the fifth independent member to join the team of IPPB which is gearing up start its operations by March 2017. Apart from these independent members, board will also include four in-house representatives.

IPPB came into existence after it received certificate of incorporation from the Registrar of Companies on August 17.Payments bank allows mobile firms, supermarket chains, and others to cater to banking requirements of individuals and small businesses. It will be set up as a differentiated bank and will confine its activities to acceptance of demand deposits, remittance services, Internet banking and other specified services.

IPPB is targeting to achieve its goal of becoming the most accessible bank in the world in its segment. Coupled with physical presence across 1.55 lakh post offices and the reach of the postman, the India Post Payments Bank plans to become a powerful and effective vehicle of real financial inclusion in the country.