Paytm has announced Renu Satti to be the CEO of its payment bank entity. The digital wallet company has received the final nod from the RBI which will allow the payments bank kickstart its operation by next week. Renu Satti has been a long time executive and Vice President with Paytm.
The new banking operation will be under Paytm Payments Bank Limited which will start functioning from 23rd May, 2017. And as per RBI’s guidelines, the company will transfer its wallet business to this new entity under a payments bank licence given to its Founder and CEO Vijay Shekhar Sharma, reports a publication.
A Paytm spokesperson confirmed this development and said, "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.”
Alibaba, the majority shareholding investor in the company however, will not have any direct shareholding in the payments back
Sharma will hold the majority share in Paytm Payments Bank, with the rest being held by One97 Communications.
Sharma's One 97 Communications is also in talks to raise $1.4-1.9 billion from Japanese telecom and internet major Softbank Corp at a valuation of between $8-9 billion, as reported by the publication.