Paytm Payments Bank has appointed Sudhanshu Jain as the new CFO, as per a report by VCcircle. Formerly, Jain was the deputy manager at private sector ICICI Bank.
As per the report, the new CFO, who earlier looked after the borrowings at ICICI Bank’s foreign currency desk, will now be handling finance and strategy at the payments bank.
Sudhanshu confirmed the development on his LinkedIn but did not divulge any details about his role and responsibility.
Jain is a Chartered Accountant and joined ICICI Bank as an Audit Manager and in 2008, he shifted to the bank’s profit planning and budget department before being elevated to Deputy General Manager- Head Borrowings (Foreign Currency).
Paytm Payments Bank went live this May, on invite basis only, after a one-year delay. It is looking to expand its 31 branches and 3,000 customer service points in the first year. The company is also providing an interest rate of 4% per annum and cashback on deposits.
In order to make Paytm’s e-commerce and banking services run smoothly, in August 2016, Paytm’s parent One97 Communications created two separate entities- Paytm E-Commerce and Paytm Payments Bank.
In May, Paytm received funding of $1.4 billion from Japan’s SoftBank Group to expand its user base and to build up a suite of financial services products.
In the same month, there was a formation of a five-member-board for the payments bank which includes PV Bhaskar, former executive director of RBI, Ash Lilani, co-founder and managing partner at Saama Capital and GS Sundarajan, who joined this board as an independent director while Sharma joined as on-executive chairman. Renu Satti, Paytm Payment Bank’s chief officer too joined.
The company incurred a loss of around Rs 30.7 crore between August 2016 and March 31, 2017, according to a document filed with the Registrar of Companies (RoC) show. Prior to this, Paytm Bank had raised $9.3 Mn from One97 Communications founder Vijay Shekhar Sharma and other existing investors.