India’s leading digital wallet system Paytm received the confirm license from the Reserve Bank of India for the Paytm Payments Bank. So now Paytm has a clear road to launch their much-awaited payments bank from 23rd May 2017.
With the launch of Paytm Payments Bank, it announced its vice president Renu Satti as the new CEO of the company.
Paytm Spokesperson said, “We are in process of launching Paytm Payments Bank on 23rd May. We recently received approval from RBI for Renu Satti to be the CEO,”
Earlier Paytm hired Shinjini Kumar as CEO, who was a former central banker and senior executive at consultancy PwC.
Paytm Payments Bank Limited will start operations from 23rd May 2017. The company will transfer its wallet business to payments bank under a Payments Bank license. Paytm Founder and CEO Vijay Shekhar Sharma recently received the license.
Paytm customers will find their transfer to the Paytm Payments Bank and also have the option of discontinuing their wallet services. If you don’t want to join Paytm Payments bank, you need to have communications with the company by 23rd May 2017.
With RBI approval, now Paytm Payments Bank will accept deposits from individuals and small businesses. One can deposit up to Rs 1 lakh per account.
Renu Satti will take over as CEO of Paytm, replacing Shinjini Kumar. Satti has been working with Paytm for almost a decade. She started out as manager of HR at One97 communications. She has worked on many projects including Paytm Marketplace and wallet business and more.
Along with Vijay Shekhar Sharma, other10 applicants also applied to receive RBI’s approval for a payments bank license in November 2015.
In January, Paytm received its final approvals from RBI. They were planning to launch payments bank in one or two months but it delayed.
In January, also Airtel started its operations for Airtel Payments Banks. Airtel started a joint venture with Kotak Mahindra Bank Ltd.
“As per the directions of RBI, the company will be transferring its wallet business to the newly incorporated payments bank entity, Paytm Payments Bank Ltd, under a payment bank license awarded to a resident India, Vijay Shekhar Sharma,” it said in a statement.
Paytm is targeting 200 million accounts within 12 months. And it aims to reach half a billion accounts by 2020.
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