India's biggest digital wallet 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, finally it has announced.
The company's current vice-president business, Renu Satti, will take over as the chief executive officer of Paytm Payments Bank, to execute the new plans & operations strategy. The payments bank offered an interest rate of 7.25 per cent on savings account.
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.
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 January, Bharti Airtel and Kotak Mahindra Bank announced the launch of Airtel Payments Banks, ahead of Paytm Payment Bank launch.