Paytm Payments Bank to start operations next week, Renu Satti named CEO

$4 is ready to launch its operations from next week and Renu Satti will be leading it as the new CEO

Satti has been with Paytm's owner $4 for over a decade. She has been elevated from the post of vice president.

"We are in process of launching Paytm Payments Bank on 23rd May. We recently received approval from $4 for Renu Satti to be the CEO," a Paytm spokesperson told ET.

Earlier, Shinjini Kumar, a senior executive at PwC, was hired as the CEO, however, it is unclear whether Kumar has already left Paytm or is in another role.

Paytm Payments Bank will begin its banking operations from May 23.

Customers using the payment wallet will see it move to the Paytm Payments Bank Limited in the same capacity and have the option of discontinuing their wallet services with due communication sent to the company by May 23rd.

The RBI allows payments banks to accept deposits from individuals and small businesses of up to Rs 1 lakh per account.

Meanwhile, Paytm founder $4 will hold the majority share in Paytm Payments Bank, with the rest being held by One97 Communications.

Sharma's One 97 Communications is also in talks to raise at least $1.4 billion from Softbank at a valuation of between $8-9 billion.