After three months of the resignation of Renu Satti as Paytm Payments Bank CEO, the Noida-based company has appointed Satish Kumar Gupta as MD and CEO of its payments bank arm.
The development comes at a time when Paytm Payments Bank (PPB) is waiting for RBI approval to add more customers to its platform. While the government had allowed Airtel and Fino Payments Banks for adding new customers, Paytm Payments Bank is still facing the ban.
Gupta, a former Chief Project officer at NPCI and Deputy General Manager at SBI is going to be the third CEO of PPB. Previously, Renu Satti moved from PPB CEO post to head ‘New Retail’ business of Paytm.
Shinjini Kumar was first hired MD and CEO for the Paytm Payments Bank. However, he left the firm following a brief stint.
Prior to appointment as PBB CEO, Gupta was the director at One97 Communications (the parent entity of Paytm) since April this year.
According to his LinkedIn profile, he was responsible for the enhancement of Payment Infrastructure by deployment of POS Terminals and issuance of Transit card with a view to promoting digital payments in the country.
Paytm Payments Bank is a separate entity in which Vijay Shekhar Sharma holds 51 per cent stake while the rest held by One97 Communications. Hailed as game changer solution for financial inclusion, Payments Banks have been failed to impress so far.
As on May 2018, in the four payment banks- Airtel, Paytm, Fino and India Post – the total deposits were just under Rs 540 crore. This was less than 0.005 per cent of overall bank deposits of Rs 115 lakh crore.
Meanwhile, Jio Payments bank, a 70:30 joint venture between RIL and SBI, is also live in beta phase. Currently, it’s testing the services among its employees and soon starting operations for masses.
The development was reported by Mint.