After months of delay, Paytm is now set to commence its payments bank operations from May 23, having received the final approval from the Reserve Bank of India.
The digital payments and commerce firm has named Renu Satti as its new CEO, following the departure of Shinjini Kumar.
“Paytm Payments Bank Ltd (PPBL) has received the final licence from the RBI and would commence its operations on May 23, 2017,” it said in a public notice.
A Paytm spokesperson said: “We recently received approval from RBI for Renu Satti to be the CEO.”
Satti had joined Paytm in 2006 as manager human resources and over the years, has been involved with various departments at the company. Most recently, she was heading the movie ticketing business as vice president.
Before Paytm, she has worked with Mother Dairy and Manpower group.
Meanwhile, in a tweet, former CEO Shinjini Kumar said, “Everyone n their #farrago on my leaving #Paytm, living in Mum and working in NOIDA did not work for me?? Big deal! Best wishes @vijayshekhar.”
Paytm was earlier slated to begin its payments bank operations around Diwali last year after getting an in- principle approval from RBI in 2015.
Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account.