Paytm ropes in ex-RBI exec Vipin Surelia for payments bank

In a major move for its proposed payments bank, One97 Communications Pvt Ltd, which runs mobile payments and commerce platform Paytm, has roped in former Reserve Bank of India (RBI) deputy general manager Vipin Surelia as vice president to spearhead its risk and compliance division.

Paytm, which raised funding from Alibaba Group and Ant Financial in September, has made a string of senior-level hires lately to strengthen its leadership team. In February, it hired former RBI executive Shinjini Kumar as chief executive officer of its proposed payments bank.

"Having been involved with the payments industry throughout my professional career, I was looking for an opportunity like Paytm where I could put the insights I have gained over the years to good use," said Surelia in a statement.

Surelia has a B.Tech degree from Indian Institute of Technology and holds an experience of 19 years in the payments industry. He has earlier the head of product development at National Payments Council of India (NPCI).

He has closely worked with UIDAI, the government of India, banks and was in charge of rolling out various NPCI initiatives such as cheque truncation system (CTS), national automated clearing house (NACH), mobile payments, Aadhaar based systems and Unified Payments Interface.

Paytm founder Vijay Shekhar Sharma who received an in-principle nod from the RBI to set up a payments bank last year, is looking to start the new business by August. Payments bank is a new set of niche banks that would seek to expand financial inclusion in the country.

The Noida-based company is looking to hire close to 1,500 people in its payments bank team during the next 12 months. It has already hired close to 60 people for the payments bank.

Paytm has earmarked an investment of Rs 1,200 crore over a three-year period for the bank.

Besides Alibaba and Ant Financial, Paytm counts SAIF Partners, Sapphire Venture and Silicon Valley Bank as its investors. Ant Financial is a privately owned group firm controlled by Alibaba founder Jack Ma.