Ex-RBI exec Shinjini Kumar to head Paytm's payments bank

19 Feb, 2016

Mobile wallet and e-commerce firm One97 Communications Ltd has appointed Shinjini Kumar, a former RBI executive and currently director at management consultancy firm PricewaterhouseCoopers (PwC), as CEO of its payments bank.

Kumar is expected to take charge next month, according to separate media reports which cited unnamed sources.

Prior to her directorship at PwC, Kumar was country compliance head at Bank of America from December 2007 to October 2010. She has served as the deputy general manager at RBI between 1992 and 2007.

Queries sent by VCCircle to Paytm did not elicit any response at the time of filing this report.

In August 2015, Vijay Shekhar Sharma, founder and CEO of Paytm's parent One97 Communications Ltd, was one of the 11 applicants which received RBI's in-principle nod to get a payments bank licence.

One97 will separate its e-commerce and payments businesses. The company, which counts Alibaba's Alipay and SAIF Partners among its large shareholders, will put the payments business under a new company called Paytm Payment Bank Ltd, in which Sharma will own majority (51 per cent) stake.

In December 2015, Paytm appointed former Amazon executive Vikas Purohit as vice president of its payments bank venture.

The company has got on board consultancy firms EY (formerly Ernst & Young) and McKinsey for its payments bank rollout.

To be updated...