India's largest digital wallet firm Paytm has received the final nod from the Reserve Bank of India (RBI). One97 Communications Pvt. Ltd, the company holding company of Paytm will launch its Payments Bank on May 23.
The company's current vice-president business, Renu Satti, will take over as the chief executive officer of Paytm Payments Bank, the company said.
"We are in process of launching Paytm Payments Bank on 23rd May. We recently received approval from RBI for Renu Satti to be the CEO," Livemint quoted a Paytm spokesperson, as saying.
Satti has worked with Paytm for around ten years. After starting out as human resources manager at One97 Communications, Satti went on to become company's vice-president, business.
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One97 Communications founder and CEO Vijay Shekhar Sharma has said all active wallet accounts on the payments app will be transferred to the payments bank.
In 2015, the Reserve Bank of India gave approval to 11 applicants including Paytm to set up payments bank.
Early this year, Paytm had said it received the final nod from the RBI and was planning to start payments bank within a few weeks. However, the launch was delayed.
In January, Bharti Airtel and Kotak Mahindra Bank announced the launch of Airtel Payments Banks, a joint venture between the two companies. The payments bank offered an interest rate of 7.25 per cent on savings account.