Sudhanshu Jain Named CFO at Paytm Payments Bankbr>
Paytm Payments Bank has appointed former ICICI Bank executive Sudhanshu Jain as its chief financial officer. He will be in charge of all financial and regulatory management functions of Paytm Payments Bank and play a key role in overseeing its finances and expansion plans, the bank said in a statement.
The bank is India’s largest digital wallet, boasting over 225 million customers.
Jain comes to Paytm Payments Bank with 14 years of experience across internal audit, finance and borrowings roles among others. He served as the Head of Borrowing (Foreign Currency) at ICICI Bank. He has also worked as an auditor at IPCA Laboratories.
“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,” Paytm Payments Bank Managing Director and CEO Renu Satti said.
Paytm, which also offers mobile wallet services, commenced its payments bank operations earlier this year. Paytm founder Vijay Shekhar Sharma holds the majority stake in Paytm Payments Bank, while the rest is held by parent firm One97 Communications Ltd. Paytm investor Alibaba does not have a direct shareholding in the payments bank.