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Thursday, June 30, 2016

DoP on the lookout for IPPB CEO, COO

NEW DELHI: THE Department of Posts has asked Punjab National Bank, Canara Bank, Bank of Baroda, Bank of India, Union Bank to recommend board level officers or senior executives, who may be interested in managing the DoP’s payments bank as CEO of India Post Payments Bank (IPPB), on deputation basis.

The IPPB, will be operational from March 2017 with 2,000 employees and 50 branches, which it will  gradually increase to 650 by September 2017. It also plans to have five independent members and four in-house representatives in IPPB. Independent directors together will hold 51 per cent share in IPPB while 49 per cent will be held by the Government.

DoP will follow routine selection processes and recruit the CEO and COO through the Department of Financial Services. “We will have 650 branches co-located with post offices in most cities. We will also link all 1.55  lakh post offices as banking correspondents of IPPB,”said SK Sinha, Secretary, DoP.

My Stamp

Soon an individual or a corporate entity can get their photo or logo printed inside a postage stamp for Rs 12 lakh, the Department of Posts said, a move that is likely to help garner Rs 600 crore for the department.

The move is a step ahead in promoting philately in India. Earlier, India Post only allowed printing of photo or design next to postage stamp on a Rs 300 My Stamp sheet. Such  stamps were allowed for use in general postal mail.

“We have opened up customised printing of ‘My Stamp’ for individuals and corporates. Anyone can get his logo or photo printed inside the stamp for net cost of Rs 12 lakh. There will be 5,000 sheets comprising 60,000 postage stamps,” Sinha said.

My Stamp has so far been issued for Amazon India, Hindustan Aeronautics Limited and proposals are pending from various entities.

India Post is eyeing a jump of about Rs 100 crore in turnover at Rs 141 crore from the philately segment this fiscal and Rs 60 crore from  ‘My Stamp’ initiative.

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