Alibaba-backed mobile wallet and e-commerce firm Paytm is due to launch its payment bank in the later half of this year. And according to reports from Hindustan Times, it has already appointed former RBI executive Shinjini Kumar as the CEO for the same.
There has not been an official confirmation from the company yet probably due to the pending approval of the appointment by RBI. The company is expected to make a formal announcement soon and Shinjini would take the responsibility from March.
Shinjini Kumar is currently serving as the director of management consultancy firm PricewaterhouseCoopers (PwC). She had worked with RBI as Deputy General Manager for nearly 16 years where she handled issues related to foreign direct investments, technology transfer, trade payments, overseas investments and external commercial borrowings.
After that, she served as the country compliance head at Bank of America for three years before she joined PwC.
According to people familiar with the matter, her diverse experience in the banking, regulatory and consultancy sectors made her a perfect choice for the position of CEO of PayTm’s payment bank. Her prior association with RBI would also be an added advantage for the bank in future for dealing with RBI regarding approvals.
She will look after all the aspects of the business from revenue to regulatory issues. At present the core team of PayTm bank consists of 40 members and Shinjini further build a team of 2500 elective members.
Paytm is one of the 11 companies who got a license to open a payments bank by RBI in August last year. The other entities include Bharti Airtel, Reliance, Vodafone, Aditya Birla Group, FINO PayTech, Tech Mahindra, Department of Posts, Cholamandalam Distribution Services, National Securities Depository Ltd (NSDL), and founder of Sun Pharmaceuticals Ltd, Dilip Sanghvi.
PayTm was supposed to start the bank from April 2016 only but it was delayed, and now the bank is expected to become operational by the second half.
The company plans to invest Rs 1,200 crore in the payments bank during the first three years. It will set up nearly 20 signature branches; 200 smaller store-like branches; and at least 1,000 agents for the bank.
PayTm has already appointed a few senior executives for the bank. These positions include Vice President for Technology, Vice President for Branch and Business correspondent network, Deputy General Manager for Project Management, and Vice President for partnerships.
Former McKinsey employee Kshitij Sanghi; Vikas Purohit formerly at Amazon; Narendra Singh, a former BCG employee, and former ITC executive Varun Khullar have filled the said positions respectively.