In September, 2015, Paytm founder Vijay Shekhar Sharma had thundered that they will launch India’s first payments bank. It was earlier planned that they will launch this first of its kind bank in March, 2016, which has been postponed as of now.

But one thing is clear that Paytm is planning to go all guns blazing for making their Payments Bank the most innovative financial product to be launched in India.

To make the launch and expansion fast, Paytm has allocated a budget of Rs 400 crore to promote this bank, and has planned to hire 3000 highly skilled people for this task.

Sharma said, “We’ve shortlisted people for the CEO position and hopefully we should be able to communicate it when the RBI gives us a go ahead. We’ve decided to put the budget for the payments bank at Rs 400 crore for two years,”

Paytm has made plans to ensure that Rs 10,000 crore is deposited with their payments bank in the first 3 years.
Specialized Hiring On Full Swing For Payments Bank

Leaving no stone unturned, Paytm is handpicking the most eligible, specialized skilled people to run the show.

To start with, they have convinced former Airtel executive Saurabh Sharma to join them as Vice President. Sharma was earlier managing marketing operations for Airtel Money, and his experience will definitely prove to be a big fulcrum for expanding Paytm’s reach in this sector.

Then, Dhruv Dhanraj Bahl from Bain & Company has been roped in to join as Assistant VP, who will help Paytm to design and formulate Paytm’s branches all over the country.

For ensuring that banking operations are smooth, KMPG’s Neha Gupta will join Paytm as Deputy General Manager, which is a mid-management position.

As per reports, 25-30 such mid-management positions have already been filled in as professionals from London, Dubai and New York are themselves applying to work with Paytm.

In the next few months, Paytm is all set to hire 3000 people for India’s first payment bank.
Can Payments Bank Change Indian Financial Market?

Last year in August, Indian Govt. approved licenses of Payments Bank for 11 entities, which included Paytm, India Post and Airtel. With Payments Bank, Government wants to ensure that banking spreads deep into the rural hinterland of India; and encourage citizens to deposit savings and capital.

Payments bank can actually trigger a new leash of financial innovation and inclusion never experienced before in India.

And Paytm doesn’t want to miss the bus.

We will keep you updated as more details come in.