A few months after the resignation of Renu Satti, Paytm Payments Bank has appointed Satish Kumar Gupta as Managing Director and Chief Executive Officer. Satish Gupta, with 35 years of experience in banking and payments, has held senior positions at SBI and NPCI, the company said in a statement.
"… Gupta has over 35 years of experience in the banking industry and I am extremely pleased to welcome him as Managing Director and Chief Executive Officer of Paytm Payments Bank. His expertise will help us realize the vision we have set for our payments bank, "said PTI, citing Paytm founder and CEO Vijay Shekhar Sharma.
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A few months ago, Renu Satti, then CEO of Paytm Payments Bank, a unit of One97 Communications Ltd, stepped down to lead the company's online retail segment as a COO.
The nomination of Satish Kumar Gupta is the third appointment of the Managing Director at the Bank in two years after the departure of Shinjini Kumar in May 2017.
At the same time, Paytm launched PayPay, a QR-based smartphone payment service in collaboration with SoftBank Corp and Yahoo Japan. Paytm had raised $ 1.4 billion from SoftBank last year in exchange for a 20% stake.
PayPay is a feature-rich smartphone settlement service that allows users to store money from a bank account in their PayPay wallet and make payments with it. "Launched in October 2018, PayPay aims to promote wider use of cashless payment in Japan and provide extremely convenient services to consumers and affiliate stores," Paytm said in a blog.