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May 17, 2017

Paytm Payments Bank to launch next week - Renu Satti is the CEO

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India's biggest digital wallet Paytm has received the final approval from the Reserve Bank of India (RBI) to set up it's Payments Bank. With this, the road is now clear for paytm to kickstart its much-awaited payments bank operations next week. Paytm's holding company One97 Communications has today announced that it has appointed it's long time executive and vice president Renu Satti as the Chief Executive Officer (CEO) Paytm Payments Bank and it will be launching its Payments Bank operations from 23rd May 2017.

Satti has been with Paytm's owner One 97 Communications for over a decade. She has been elevated from the post of vice president. She is going to replace Shinjini Kumar, a former central banker and senior executive at consultancy PwC, who was named as Paytm Payments Bank CEO last year. Satti has worked with Paytm for around ten years.

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. In January, Paytm had said it received the final approvals from the RBI and was planning to start payments bank in one or two months, but the launch was delayed. Paytm founder Vijay Shekhar Sharma will hold the majority share in Paytm Payments Bank, with the rest being held by One97 Communications. The RBI allows payments banks to accept deposits from individuals and small businesses of up to Rs 1 lakh per account.

Note : Bharti Airtel Ltd has recently commenced operations for Airtel Payments Banks, a joint venture between Bharti Airtel Ltd and Kotak Mahindra Bank Ltd.

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