Paytm Payments Bank on Thursday announced the appointment of Satish Kumar Gupta as its Managing Director and Chief Executive Officer. The news comes exactly three months after previous CEO and Paytm veteran Renu Satti resigned from the role of the bank’s CEO.
According to his LinkedIn profile, Satish spent close to 32 years at the State Bank of India, serving as the Deputy General Manager of the Bank. After that, he joined Indian retail payments organisation NPCI and served as the Chief Project Officer, taking on projects involving RuPay and financial inclusion.
Speaking on the appointment, Satish Kumar Gupta said,
“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.”
Meanwhile, Vijay Shekhar Sharma, Founder and CEO, Paytm, said, “Mr Gupta comes with over 35 years of experience in the field of banking and I am extremely delighted to welcome him as Managing Director and Chief Executive Officer of Paytm Payments Bank. His expertise will help us realise the vision that we have set for our Payments Bank.”
In August, news emerged that the Paytm Payments Bank was asked to stop enrolment of new customers on its platform by the Reserve Bank of India, owing to observations made by the central bank around the bank’s on-boarding process through know-your-customer (KYC) norms.
According to media reports, the Payments Bank is still not on-boarding customers as of now.