Paytm Payments Bank has appointed Satish Kumar Gupta as the Managing Director and Chief Executive Officer of the digital bank. Gupta is the third CEO appointed by Paytm Payments Bank in the last two years after former Central Bank executive Shinjini Kumar left Paytm in May 2017.
Gupta’s appointment comes a few months after Renu Satti had stepped down as the CEO of Paytm Payments Bank to head the new retail segment at the company as the Chief Operating Officer. Earlier it was reported that RBI had directed Paytm to remove Satti following specific objections about her ability to lead a banking services firm. RBI requires a person to be a banker to become the chief executive of a payments bank.
On his appointment, Gupta was quoted in media saying, “Having been a part of the banking and payments industry for close to four decades, I’ve been fortunate to experience the disruption and growth that the Indian economy has witnessed in promoting digital payments." He further stated that “I look forward to leveraging my understanding of banking and payments at Paytm Payments Bank and aligning myself to its vision of bringing financial inclusion through digital payments.”
Vijay Shekhar Sharma, Founder, and Chief Executive Officer at Paytm shared in media “His expertise will help us realize the vision that we have set out for our payments bank."
The post of the Payments Bank CEO remained vacant since August. Gupta, who has over 35 years of leadership experience, previously worked as the Chief product officer at National Payments Corporation of India and Deputy General Manager at State Bank of India. Gupta joined Paytm Payments Bank in April this year as the Director.