Paytm Payments Bank has named Satish Kumar Gupta as its new Managing Director and Chief Executive Officer. Gupta’s appointment is initiated in response to the exit of Renu Satti as CEO in July.
Satti moved on to head the company’s new retail business.
Prior to joining Paytm, Gupta was associated with State Bank of India for over three decades as its deputy general manager. He then joined National Payments Corporation of India (NPCI) as its chief project officer.
“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,” said Gupta, on his appointment.
Paytm is on the verge of leveling-up the compliance structure of its payments bank unit. Last month, it elevated Rama Subramaniam Gandhi, an advisor to Paytm parent One97 Communications, as a board advisor to Paytm Payments Bank.
In July, the Reserve Bank of India had barred Paytm Payments Bank from enrolling new customers following some discrepancies pertaining to the company’s proces with regard to know-your-customer norms.
“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,” said Vijay Shekhar Sharma, CEO of Paytm.