Paytm Payments Bank appoints veteran banker Satish Gupta as CEO

Paytm Payments Bank has found its new managing director and CEO in veteran banker Satish Kumar Gupta after Renu Satti stepped down in July. Satti now heads the company's new retail business. Vijay Shekhar Sharma, CEO of Paytm said, "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," as mentioned in a report in The Economic Times.

Gupta said in a statement: "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."

The veteran banker had earlier served as the Deputy General Manager at State Bank of India where he worked for over three decades. Following that, he became the Chief Project Officer at National Payments Corporation of India that manages the Unified Payments Interface (UPI).  

Paytm Payments Bank started in May last year. CEO-designate and former RBI executive Shinjini Kumar stepped down before the launch.

In June this year, Paytm stopped enrolling new customers following an audit by RBI, which made certain observations about the process the company follows in acquiring new customers and its adherence to know-your-customer (KYC) norms. However, a Paytm executive had said that Paytm Payments Bank is modifying its account opening process to introduce current accounts due to which new account creation process has been paused.

(Edited by Anwesha Madhukalya)