Paytm to launch payments bank on 23 May

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Paytm has received the final approval from the Reserve Bank of India (RBI) and is set to launch Paytm Payments Bank on 23 May, its holding company One97 Communications Pvt. Ltd.

According to Livemint, Renu Satti, vice-president of business at Paytm, will take over as the chief executive officer (CEO) of Paytm Payments Bank, the company said. Shinjini Kumar, who was hired in February last year by Paytm to lead the payments bank, is on her way out, according to people directly involved in the matter. Kumar was a former senior executive at the Reserve bank of India.

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Satti has been with Paytm for nearly a decade now and started out as manager of human resources at One97 Communications. Since then she has worked on several projects, including Paytm marketplace and the wallet business.

One97 Communications founder and CEO Vijay Shekhar Sharma was among the 11 applicants to receive RBI’s in-principle nod for a payments bank licence in November 2015. Paytm said that all active wallet accounts on the payments app will be transferred to the payments bank.

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