Amul Managing Director R S Sodhi has been appointed as independent director on the board of India Post Payment Banks (IPPB) — the payments bank arm of postal department.
“GCMMF Managing Director R S Sodhi has been appointed independent director on the board of IPPB,” an official source said.
Gujarat Cooperative Milk Marketing Federation (GCMMF) sells the Amul brand of milk products.
Sodhi is one of the five independent members to be appointed on the board IPPB, which is set to be operational in March 2017.
The board will have 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.
The India Post Payments Bank aims to become the most accessible bank in the world, riding on advanced banking and payments technology. 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.