Paytm Payments Bank has appointed veteran banker Satish Kumar Gupta as managing director and CEO. Gupta comes in after Renu Satti stepped down as CEO in July and moved on to head the company’s new retail business.
Gupta was former deputy general manager at State Bank of India where he worked for over three decades.
“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,” Satish Kumar stated.
Paytm has been strengthening the compliance structure of its payments bank unit. Last month, it moved Rama Subramaniam Gandhi, an advisor to Paytm parent One97 Communications, as a board advisor to Paytm Payments Bank.
The Reserve Bank of India had banned Paytm Payments Bank from enrolling new customers in July following observations about the process followed by the company with regard to know-your-customer norms.
“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 realise the vision that we have set out for our payments bank,” said Vijay Shekhar Sharma, CEO of Paytm.