Paytm Payments Bank has expanded its board, within 24 hours of its commercial launch. Three independent directors have been appointed on Tuesday, said a statement issued by the company.
Former RBI Executive Director PV Bhaskar, Saama Capital’s managing partner and co-founder Ash Lilani and GS Sundarajan, who was on the board of Shriram Group have been appointed as independent directors.
Paytm’s chief executive officer Vijay Shekhar Sharma, who is also the non-executive Chairman of Paytm Payments Bank, and Renu Satti, the chief executive officer at Paytm Payments Bank will continue to serve as board members, taking the total count to five.
We are honoured to welcome Bhaskar, Sundararajan and Lilani to the Paytm Payments Bank board. We are privileged to have such imminent experts as mentorsRenu Satti, CEO - Paytm Payments Bank
The payments bank which is offering the lowest interest rate among peers right now wants to build on the wealth management business by collaborating with a domestic mutual fund house to offer a money market fund.
Vijay Shekhar Sharma owns 51 percent stake in the payments bank, as per the regulatory requirements.
The company has set up its first branch in Noida, and wants to add 31 new branches and 3,000 customer service points in its first year of operations.
Paytm is India’s third payments bank after Airtel and India post to launch Payments bank in India.