New Delhi: Paytm Payments Bank has appointed former ICICI Bank executive Sudhanshu Jain as its chief financial officer, its holding company One97 Communications Pvt. Ltd said Wednesday.
Jain has 14 years of experience across internal audit, finance and borrowing roles, among others. He was earlier assistant general manager and head of borrowing at the foreign exchange desk at ICICI Bank, where he spent 11 years.
At Paytm, Jain will be in charge of all financial and regulatory management functions for the Paytm Payments Bank and oversee its finances and expansion plans, according to a company statement.
Jain graduated in commerce from St. Xavier’s College, Kolkata, and holds degrees in chartered accountancy and company secretaryship.
“It gives me immense pleasure to welcome Sudhanshu on board. I am confident his expertise in financial services will help us build innovative digital-first offerings for our users. It would also help us in our expansion efforts of reaching half a billion users with a first-of-its-kind banking model,” Renu Satti, managing director and chief executive of Paytm Payments Bank, said in a statement.
Jain’s appointment fills a key position at Paytm Payments Bank which is in the process of a rapid expansion.
Soon after officially launching operations in May, The Vijay Shekhar Sharma-promoted company elevated long-time-executive Satti as payment bank’s chief executive.
It also named to its board P.V. Bhaskar, former executive director at the Reserve Bank of India (RBI), Ash Lilani, co-founder and managing partner at Saama Capital, and G.S. Sundarajan, a former director at the Shriram Group; besides Sharma and Satti.
In a recent interview with Mint, Satti said the payments bank was investing $500 million in customer signups, building a network of know-your-customer (KYC) kiosks, and introducing new financial products.
Paytm Payments Bank has set itself a target of 200 million accounts, across current and savings accounts, and mobile wallets, within 12 months of launch. It aims to touch half a billion accounts by 2020.