Indian Post Payment Banks – Job Profile & Salary Structure
As Indian Post Payment Bank issued the first ever recruitment notification for various posts in September,2016. We are here with the Job profile and Salary Structure.
Basically IPPB is a wholly owned subsidiary of Department of Posts, GoI. Payment banks have been envisaged as instruments for furthering the goal of financial inclusion in India i.e taking banks to rural masses, provide them services and the bank which have been unbanked so far.
Work conditions and other factors
Following are the emoluments received by an India Post Payments Bank Officer Scale :
|Scale||Pay Scale||Total Monthly CTC (Approx.)*|
|JMGS-I||23,700 – 42,020||65,000|
*this is inclusive of Dearness Allowance, City Compensatory Allowance, and other allowances.
The India Post Payments Bank Officers will also receive Performance Pay as per the criteria defined by the India Post Payments Bank from time to time and are also entitled to retirement and terminal benefits as per India Post Payments Bank policy.
- Salary – Scale 1 (65k approx), Scale 2 (83k approx), Scale 3 (1,06,000 approx). Whoopee, a quick jump in motivation levels
- Since its the first recruitment for IPPB, most of the officers are expected to get postings intier 1 / tier 2 cities as it needs functional set up in big cities first and an expansion later in rural areas which are the ultimate target.
- As payment banks can not advance loans and transaction limits are up to Rs 1 lac only, it is expected that work load will be less as compared to other public sector banks.
- Once IPPB is fully operational, more postings will be done to rural areas as big cities would already have the considerable manpower.
- Promotional opportunities would be immense for people joining IPPB now due to less manpower and expansion of operations gradually.
- There is ample scope for other perks as well that are offered to central government employees
Responsibilities of an IPPB Scale 1 Officer:
- Assistant Branch Managers at India Post Payments Banks are responsible for the smooth running of their assigned branch every day. They’re supposed to manage the day to day operations
- They need to ensure the bank is running as per the rules and regulations set by the RBI and steer clear of any kind of violation of the regulations
- They are in charge of sales of the third party products such as mutual funds and insurance and ensure profitability without offering loans
- The Assistant Managers also need to coordinate the various customer service points and with the business correspondents
- They need to assist the Bank Manager to prepare audit reports periodically
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