Govt appoints J Venkatramu as MD, CEO of India Post Payments Bank

NEW DELHI: A Cabinet panel on Wednesday appointed J Venkatramu as managing director (MD) and chief executive officer (CEO) of India Post Payments Bank for three years.

Venkatramu has over 22 years of work experience across banking services such as payments, mobile banking, retail banking products and has also managed digital financial services projects.

He is currently chief digital officer at Equitas Small Finance Bank.

“The Appointments Committee of the Cabinet has approved the proposal of the department of posts for appointment of J Venkatramuto the post of Managing Director and Chief Executive Office, India Post Payments Bank for a period of three years from the date of assumption of the charge of the post, or till the date of his superannuation, or until further orders, whichever is the earlier,” a government statement said.

Venkatramu will take over the post of Suresh Sethi who had served as founder MD and CEO of the payments banks till March, much before his tenure ended.

India Post Payments Bank is a state-owned entity, under the department of posts, with 100% government equity and is governed by the Reserve Bank of India (RBI).

It was launched by Prime Minister Narendra Modi in September, 2018 to offer doorstep banking to customers, mainly in rural areas. The payments bank offers services such as savings and current accounts, money transfer, direct benefit transfer, bill and utility payments, merchant payments, but cannot issue loans. It deploys postmen, gramin dak sewaks, equipped with cell phones and biometric devices, to offer banking services in rural areas.