The Paytm Payments Bank announced on October 24, 2018 that it has appointed Satish Kumar Gupta as its new Managing Director and Chief Executive Officer. Gupta would be succeeding Renu Satti, who stepped down from her position to head the bank’s new retail segment.
Gupta, who has over 35 years of leadership experience, previously served as the chief product officer at National Payments Corporation of India and the State Bank of India. His appointment comes a few months after Renu Satti had stepped down as the CEO of Paytm Payments Bank to take over as the Chief Operating Officer (COO) of Paytm’s new retail segment.
With his appointment, Gupta has become the third CEO of the Paytm Payments Bank in the span of just two years. The first CEO Shinjini Kumar had left Paytm in May 2017.
About Satish Kumar Gupta
• Satish Kumar Gupta joined the State Bank of India in April 1979. He held several positions in the Bank and worked as Branch Manager in rural, semi-urban and urban branches for a period of five years, staff training centre in Jammu for two years, credit appraisal cell for four years and the corporate centre in Mumbai for eight years.
• In total, he worked with SBI for more than three decades. In February 2011, he deputed to the National Payments Corporation of India to create India’s own card-RuPay.
• He accomplished the task in less than one year and continued to work for the NPCI even post-retirement. He was appointed as the Chief Project Officer and Chief Project Advisor.
• Overall, Gupta has over 35 years of experience in the field of Banking. His expertise will help Paytm realise the vision that it has set out for its payments bank.
• Launched in May 2017, Paytm Payments Bank is a mobile-first bank with zero charges on all online transactions (such as IMPS, NEFT, RTGS) and no minimum balance requirement.
• Based in NCR, the payments bank is a separate entity with 51 per cent of its shares owned by Paytm CEO Vijay Shekhar Sharma and the rest held by One97 Communications.
• The payments bank operates on a smaller scale where it can perform most of the banking operations but cannot advance loans or issue credit cards.
• The bank currently offers an interest rate of 4% per annum for savings accounts. According to RBI guidelines, the payments bank is allowed to accept demand deposits of up to Rs 1 Lakh.
• Besides, the bank can also offer remittance services, mobile payments, transfers, purchases and other banking services like ATM/debit cards, net banking and third party fund transfers.
• The bank currently aims to build a new business model that caters to 500 million underserved consumers in the country by 2020.
The payments bank had recently come under scrutiny after the Reserve Bank of India directed the bank to stop enrolling new customers following audit observations.
The bank is presently still awaiting RBI confirmation on enrolling new customers
Other payments banks in the country include Fino Payments Bank, Airtel Payments Bank and India Post Post Payments Bank among others.
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