Banking

Paytm ropes in two new board members

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The newly operational Paytm Payments Bank has roped in its two new independent directors.

They are namely, PV Bhaskar, former Executive Director of the Reserve Bank of India and GS Sundarajan former Shriram Group Director.

These newly appointed members will be joining the five-member board.

The board includes Paytm CEO Vijay Shekhar Sharma and Renu Satti, CEO of Paytm Payments Bank, the board also includes Saama Capital co-founder Ash Lilani.

Paytm recently conducted its board meeting to formally approve the launch of the Paytm Payments Bank, which kicked off its banking operations.

While Sharma will be the non-executive chairman of the board, Satti will hold the position of the director on the board. Bhaskar, Lilani and Sundarajan have joined the board as independent directors.

Bhaskar has over three decades of work experience at the banking regulator. He was heading the central security cell, Department of Banking Supervision and Department of Non-Banking Supervision till recently.

Sundararajan had joined Shriram Group as MD of Shriram Capital, the holding company of its financial services businesses. He was also responsible for leading the banking initiative for the group.

Lilani was earlier head of India and China markets for US-based Silicon Valley Bank, and his firm was till recently an investor in Paytm-owner One97 Communications.

“We will expand to 31 branches and 3,000 customer service points in the first year. Paytm Payments Bank will get Rs 400 crore in investment in the first two years of operation,” said Paytm,  ahead of the launch of the bank recently.

Sharma personally owns 51 per cent stake in the payment bank, as per regulatory requirements, with the remaining stake owned by One97 Communications. Sharma and One97 have together already invested about Rs 220 crore in the payments bank.

The bank will offer an interest rate of 4 per cent per annum for savings accounts, which is lower than what the other two operational payments banks Airtel and India Post are offering.

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