19 February, 2016, New Deli: Finally the mobile payment giant Paytm has cracked the deal with Shinjini Kumar, former RBI executive, to join the company’s soon-to-be-launched Paytm’s Payments Bank. Paytm was in continuous talks with kumar from couple of months and after lot of efforts, finally the company managed to bag Kumar. However, her appointment will happen in the first week of March.
Though the company refused to comment anything on the development, but the sources closed to the deal revealed, “Kumar with her diverse background of having worked in Reserve Bank of India (RBI), Bank of America and PricewaterhouseCooper was a perfect fit for the company.” With the core team of 40 people, the company plans to start payments bank’s operations by the second half of this year.
Shinjini Kumar was working as the deputy general manager at RBI and had also served in Bank Of America for a very short span. Apart from that, she was also appointed as the director at PWC.
In its move to foster its new service, Paytm plans to invest Rs 1,200 crore in payments bank during its first three years. Among the senior executives who have already joined Paytm for the banking business include Kshitij Sanghi, who was earlier with McKinsey.