India Post Payments Bank will keep ops simple: CEO Ashok Singh

India Post Payments Bank will keep ops simple: CEO Ashok Singh

India Post Payments Bank CEO Ashok Pal Singh says not in a position to offer higher interest rate on savings deposits. Airtel Payments Bank is offering 7.25% interest rate. Photo: Ramesh Pathania/Mint

India Post Payments Bank Ltd’s managing director and chief executive officer Ashok Pal Singh wants to keep it simple. The bank will offer payment solutions for recurring transactions, index funds, term plans and small loans. The bank will provide only index funds in the mutual fund space to avoid misselling. In insurance, the bank will sell term plans but not endowment plans. Edited excerpts from an interview:

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