Paytm payments bank launching next week, but not with Shinjini Kumar as CEO

The payments bank will launch its services first in Uttar Pradesh and then expand to the northeast

After more than a year's delay, online mobile wallet major Paytm would finally launch its payments bank on May 23. But in a crucial change, former Reserve Bank of India (RBI) executive and PricewaterhouseCoopers consultant Shinjini Kumar, who was chosen for the role of the payments bank chief executive officer (CEO), has stepped down and is in exit mode, while Renu Satti, vice-president, business, will take over. (A payments bank can carry out most banking operations but can't give out loans or issue credit cards.)

"We are in the process of launching Paytm Payments Bank on May 23. We