Paytm Payments Bank, a unit of One97 Communications Ltd., has announced the appointment of Satish Kumar Gupta as managing director and chief executive officer of the digital bank.
Gupta’s appointment as the CEO comes a few months after Paytm said Renu Satti had stepped down as the CEO of Paytm Payments Bank to head the new retail segment at the company as chief operating officer.
This is the third CEO appointment at Paytm Payments Bank in two years after former Central Bank executive Shinjini Kumar left Paytm in May 2017 after being appointed as CEO in 2016.
Satish Gupta has over 35 years of leadership experience, and previously had stints as the chief product officer at National Payments Corporation of India and State Bank of India.
Commenting on this, Satish Gupta said:
Having been a part of the banking and payments industry for close to four decades, I’ve 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.
Paytm Payments Bank, which was launched in May last year, was under scrutiny after the Reserve Bank of India directed the bank to stop enrolling new customers following audit observations. The company says that it is still not onboarding new customers and is waiting for RBI’s confirmation.