Paytm Appoints Former RBI Exec Shinjini Kumar As Its Payments Bank CEO

Paytm Appoints Former RBI Exec Shinjini Kumar As Its Payments Bank CEO

ShinjiniFormer Reserve Bank of India (RBI) executive, Shinjini Kumar, currently director at PricewaterhouseCoopers (PwC), will join Paytm’s payments bank as chief executive officer.

She is expected to join in March and will look at all the aspects of the business from revenue to regulatory issues. She will also be responsible for building a team of 2500 elective members. According to the people familiar with the development, her appointment is yet to be approved by the Reserve Bank of India.

Mobile wallet and ecommerce company, Paytm (One97 Communications Ltd), received RBI’s nod to set up a payments bank last year. While Paytm was expected to launch the bank by April 2016, the plan was delayed and it is now looking to launch around the second half of this year.

In a recent report, Paytm’s CEO and founder Vijay Shekhar Sharma said, “The wallet will become a bank account, which will act a savings account, and can be invested in market funds and higher-yield products.”

According to Shinjini’s Linkedin profile, she has been a partner and leader of the banking and capital markets practice at PwC. She has served as deputy general manager at the central bank for 15 years before she moved to Bank of America as its country compliance head. During her stint at RBI she handled issues related to foreign direct investments, technology transfer, trade payments, overseas investments and external commercial borrowings.

Apart from Paytm, the others who got licences in August, 2015 include Aditya Birla Nuvo Ltd, Airtel M Commerce Services Ltd (a part of India’s largest telecom company Bharti Airtel Ltd), Cholamandalam Distribution Services Ltd, Department of Posts, FINO PayTech Ltd, National Securities Depository Ltd (NSDL), Reliance Industries Ltd (RIL), Tech Mahindra Ltd,  Vodafone M-Pesa Ltd (a unit of telco Vodafone India Ltd), and Dilip Sanghvi (founder of Sun Pharmaceuticals Ltd).


Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.


You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Paytm Appoints Former RBI Exec Shinjini Kumar As Its Payments Bank CEO-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Paytm Appoints Former RBI Exec Shinjini Kumar As Its Payments Bank CEO-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Paytm Appoints Former RBI Exec Shinjini Kumar As Its Payments Bank CEO-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Paytm Appoints Former RBI Exec Shinjini Kumar As Its Payments Bank CEO-Inc42 Media
Paytm Appoints Former RBI Exec Shinjini Kumar As Its Payments Bank CEO-Inc42 Media
You’re in Good company