Change of Heart
Mobile wallet major Paytm has finally launched its payments banks. But instead of Shinjini Kumar, a Pricewaterhouse-Coopers consultant and former Reserve Bank of India executive who had been chosen earlier for the role of Chief Executive, Renu Satti, Vice President, Business, at Paytm is taking over as the CEO, the company has announced recently. Kumar said she had decided to step down as she was relocating to Mumbai. As the bank’s headquarters are in Noida in the National Capital Region, the intercity commute would have been a problem for her. Satti’s appointment has been a surprise for many as she is a less familiar face. She has worked for One97 Communications, the parent company of Paytm, for 11 years and was initially a human resources manager.