AMUL MD, RS Sodhi, appointed as an independent director on the board of India Post Payment Banks(IPPB), the payments bank arm of the postal department.
RS Sodhi is one of the five self-reliant members appointed on IPPB. Sodhi is the Gujarat Cooperative Milk Marketing Federation(GCMMF) Managing Director. While he is working with GCMMF for the last 32 yrs and joined as Sr Executive(sales), he also worked in sales for 12 yrs at various positions and locations.
Since 1994 Sodhi has been working at corporate HQ at Anand, at various positions as Group Product manager, AGM ( Mktg), GM ( Mktg), Chief General Manager, was responsible for Marketing, Sales, commercial, Purchase, IT etc.
INDIA POST PAYMENT BANKS:
IPPB came into existence after it received the certificate of incorporation from the Registrar of Companies on August 17. India Post Payments Bank allows mobile firms, supermarket chains, and others to provide banking requirements for individuals, small businesses.
IPPB will be set up as a public limited company under postal department with 100 per cent government equity. The total collection of the payments bank is of Rs 800 crore, which is Rs 400-crore integrity , Rs 400-crore grant. India has 1,54,000 post offices, specifically 139,000 rural post offices.
IPPB will obtain banking licence from the renowned bank, Reserve Bank of India (RBI) by March 2017. By September 2017, all 650 branches of IPPB would become operational. All the country can access its services across the country by these branches, linked post offices.
Furthermore, The India Post Payments Bank will have four in-house representatives. Therefore, it intends to become the most accessible bank in the world. It manages on advanced banking and payments technology along with physical presence across 1.55 lakh post offices.
Also, it is ready to become a robust and effective vehicle of real financial admittance in the country. It seems like it will limit its activities to acceptance of trade deposits, transmittal services, Internet banking and etc.