Bengaluru: Digital payments and commerce platform Paytm is set to launch its payments bank from May 23, sources said.
However, in a crucial change, former Reserve Bank of India (RBI) executive and PwC consultant Shinjini Kumar who was chosen for the role of the payments bank chief executive officer (CEO), has stepped down and is in exit mode, while Renu Satti vice-president, business will take over.
“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,” said a Paytm spokesperson.
The payments bank would start its operations with Rs 400-crore initial capital and the first branch would be set up in Noida, UP. The first branch in Northeast would be opened in Guwahati.