Vijay Shekhar Sharma was not in a hurry to appoint the head of the payments bank business. He didn’t want to make any decision in haste, after all payments bank is Sharma’s trump card. “We will bring wealth and money management on to the mobile,” the CEO and founder of Paytm, had told HT earlier.
So, the delay was obvious. After dozens of meetings with more than 15 odd candidates Sharma chose Shinjini Kumar (her friends call her Shin), director – tax and regulatory services at PwC, to head the payment banks business. What is more interesting is Kumar worked with RBI for about 16 years, and quit at the deputy GM to join Bank of America where she worked as a compliance head for nearly three years.
Paytm declined comment, but sources said “the decision was taken as Kumar has experience in the field of banking, regulatory and consultancy. Moreover, it is an added advantage of her RBI background as the appointment approval will be given by them.”
Kumar spent her childhood in Patna, where she graduated from the Patna Women’s College and later studied Studied Public Policy at The University of Texas. Going by her Facebook profile, before turning into a banker she dabbled with journalism for a while.
Sharma has already charted the course of the payment banks, Kumar will have to execute. “The wallet will become a bank account, which will act a saving account, and can be invested in market funds and higher yield products,” said Sharma. What more, cash can be withdrawn from any ATM in the country.