Paytm Payments Bank, India’s only mobile-first bank with zero balance and zero digital transaction charge accounts has appointed Satish Kumar Gupta as managing director and chief executive officer of the digital bank, the company said in a statement on Wednesday.
His appointment comes a few months after Renu Satti, former CEO of Paytm Payments Bank stepped down from his post to head the new retail segment at the company as the chief operating officer.
He earlier served the country’s largest bank, State Bank of India for over thirty-four years and held several assignments namely, Branch Manager of several branches, Training Establishment, Local Head Office, and Corporate Office.
“I have 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,” he said in a statement.
“Gupta comes with over 35 years of experience in the field of banking and I am extremely delighted to welcome him. His expertise will help us realize the vision that we have set out for our payments bank,” said Vijay Shekhar Sharma, CEO of Paytm.
The company has been prohibited by Reserve Bank of India from opening any new accounts and wallets with effect from June 20, 2018, on account of violation of certain licensing conditions and operating guidelines. However, no restriction has been placed on the bank for servicing its existing customers.
Paytm founder Vijay Shekhar Sharma holds 51% share of Paytm Payments Bank, One97 Communications holds 39% and 10% will be held by a subsidiary of One97 and Sharma.
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