It is true… Paytm is launching its payments bank on 23rd May 2017.
More than a year has passed, Paytm which was unable to launch its payments bank is launching the banking services from 23rd May 2017. The CEO Ms. Shjinjini Kumar who was chosen for the post could not join and Ms. Renu Satti is the new CEO of the bank. The procedures and formalities related to the changeover as also the RBI approval delayed the launch.
Ms. Renu Satti commenced her career as Manager Human Resources, Paytm a decade ago, and has now risen upto the level of CEO. She has meanwhile headed different teams for online marketplace and mobile wallet at the firm. Further, the other interesting facts are:
- The payments bank will launch its first in Uttar Pradesh (UP) and then expand to northeast.
- In the first phase the bank intends targeting 100,000 banking correspondents and as many as 200 million wallets, current accounts and Savings Accounts.
- Equally along with CA and SB accounts, the bank would target Wallets as well.
- The bank will start its operations with Rs. 400 crore initial capital and the first branch is to be set up at NOIDA, UP. The first branch in North East is proposed at Guwahati.