New Delhi: Former Reserve Bank of India (RBI) executive Shinjini Kumar, who is currently a director at research and consultancy firm PricewaterhouseCoopers (PwC), will join Paytm’s payments bank as chief executive officer, according to two people aware of the matter.

She is expected to join in March and will look at all aspects of the business from revenue to regulatory issues.

Kumar and Paytm did not respond to email queries.

Kumar served as deputy general manager at the central bank for 15 years from 1992 to 2007 before she moved to Bank of America as its country compliance head, according to her Linkedin profile.

In her stint with RBI, she handled issues related to foreign direct investments, technology transfer, trade payments, overseas investments and external commercial borrowings in 1990.

She moved to supervise non-banking finance companies in 2001 and to banking supervision in 2003, the profile added.

She joined PwC-Mumbai as director in the tax and regulatory services in October 2010 and currently heads the western India regulatory practice, which focuses on RBI regulations dealing with banking and financial services.

Kumar’s entry is expected to strengthen the company that has essentially been a technology platform. Her broad exposure to various aspects of banking—as a regulator as well as a consultant—is likely to add a lot of value to the payments bank, which is fairly a niche concept in the country.

Mobile wallet and e-commerce company Paytm (One97 Communications Ltd) received in-principle nod from RBI to set up a payments bank last year. While Paytm was expected to launch the bank by April 2016, the plan was delayed and it is now looking at a launch timeline of the second half of this year.

Apart from Paytm, the others who got licences in August 2015 include Aditya Birla Nuvo Ltd; Airtel M Commerce Services Ltd, a part of India’s largest telecom company Bharti Airtel Ltd; Cholamandalam Distribution Services Ltd; Department of Posts; FINO PayTech Ltd; National Securities Depository Ltd (NSDL); Reliance Industries Ltd (RIL); Tech Mahindra Ltd; and Vodafone m-pesa Ltd, a unit of telco Vodafone India Ltd; and Dilip Sanghvi, founder of Sun Pharmaceuticals Ltd.

In an earlier interview, Paytm co-founder Vijay Shekhar Sharma had said that his company will have an edge over others as it already has a good presence in the payments business.

Paytm plans to roll out its payments bank operations from Meerut in Uttar Pradesh and neighbouring areas, after which it will look at expanding towards north-east and central India.

Paytm has investors such as Alibaba Group, SAIF Partners, Sapphire Venture among others on its board. The company claims to have over 120 million Paytm wallet users, with over 90 million transactions every month.

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