Paytm Payments Bank has appointed Satish Kumar Gupta as managing director and chief executive officer of the digital bank, the company said in a statement. He has over 35 years of leadership experience, and previously had stints as the chief product officer at National Payments Corporation of India and State Bank of India.
The appointment of Satish Gupta comes a few months after Paytm said Renu Satti had stepped down as the CEO of Paytm Payments Bank. She’s now heading the new retail segment at the company as chief operating officer.
According to the reports, RBI asked Paytm to remove Renu Satti following certain objections about her ability to lead a banking services firm. RBI requires a person to be a banker in order to become the chief executive of a payments bank.
Commenting on his appointment, Satish Gupta said in a statement:
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. 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.
Paytm Payments Bank, a banking unit of Paytm, was launched in May last year. It offers zero balance accounts and charges on digital transactions. It aims to build a new business model that caters to 500 million underserved consumers in the country.
The company is planning to open 31 branches and 3,000 customer service points in one year. Vijay Shekhar Sharma, founder and CEO of Paytm, has said that the company’s goal is to reach 500 million bank accounts by 2020.