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PayTm On A Hiring Spree For Its Payment Bank

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Paytm, one of the eleven companies to have received a license for launching its payment bank last year, is continuing with its senior level executive hiring. Having already hired a CEO about two months back, Paytm is now looking to further expand its payment bank team from 60 at present to 1500 people over the next 12 months. Recently, it has also recruited seven senior executives to strengthen top management of the payment bank.

Among these key appointments, the latest hiring of RBI deputy general manager Vipin Surelia as Head of risk and compliance division comes at top. Two more executives from RBI, Kumar and Surelia have also joined PayTm payments bank.

An IIT Graduate Surelia has over 19 years of experience in the payments industry having worked with Unique Identification Authority of India, RBI, and NPCI.

He is primarily known for his work with National Payments Corp. of India (NPCI). He was a founding member of NPCI and was involved in major initiatives such as mobile payments, Aadhaar-based systems, and Unified Payments Interface.

On joining PayTm payments bank, Surelia said,

I have been involved with RBI and NPCI for a lot of years now. I will largely help Paytm interact with the regulators. I will also help them build strong control and processes with regard to risk mitigation.

In addition to above, over past few months, PayTm has also roped in ex-Amazon executive Vikas Purohit, Citibank’s Abhishek Arun, Bharti Krishna Hegde from Barclays Bank, and Airtel’s Saurabh Sharma for its senior management team at payments bank ,

These executives are expected to lay out a strategy for payments bank which is expected to officially launch by August this year. Before that, the parent company of PayTm, One97 Communications will reveal blue print of the payments bank.

Initially, payments bank will be launched in Meerut region of Uttar Pradesh and neighbouring areas. It will be expanded to Central India and North-East in upcoming months.

Payments bank are expected to bring in a much needed technological change in the way digital payments will be implemented in India. Recently, RBI Governor Raghuram Rajan also admitted that RBI too was betting on payments banks to boost innovation.

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