BENGALURU: Paytm Payments Bank has roped in two new independent directors - former executive director of the Reserve Bank of India PV Bhaskar and former Shriram Group director GS Sundarajan -who have joined the five member board.Apart from Paytm CEO Vijay Shekhar Sharma and Renu Satti, CEO of Paytm Payments Bank, the board also includes Saama Capital co-founder Ash Lilani Paytm held a board meeting on Tuesday to formally approve the launch of the Paytm Payments Bank, which kicked off its banking operations. Sharma will be the non-executive chairman of the board, while Satti will be director on the board. Paytm Payments Bank will get Rs 400 crore in investment in the first two years of operation.Sharma personally owns 51% stake in the payment bank, as per regulatory requirements, with the remaining stake owned by One97 Communications. Sharma and One97 have together already invested about Rs 220 crore in the payment bank.The bank will offer an interest of 4% per annum for savings accounts, which is lower than what the other two operational payments banks Airtel and India Post are offering. Airtel is offering interest rates as high as 7.25%, while India Post is offering interest rates between 4.5-5.5%.

Source: Economic Times May 24, 2017 03:00 UTC