Vijay Shekhar Sharma to Chair Payments Banks Group at IAMAI

Vijay Shekhar Sharma, Founder, Paytm, will chair the newly formed Payments Banks Group at IAMAI. Vodafone India business head (M-Pesa) Suresh Sethi, will be the Vice-Chairman of the Group.

Commenting on the development, Vijay Shekhar Sharma said: “Payments Banks is an innovative model of bringing unbanked population into the formal banking fold. Paytm along with other license holders, would make financial services accessible for every Indian through this innovative route.”

Currently, 6 out of the 10 payments banks’ primary licensees are IAMAI members. According to Dr. Subho Ray, President, IAMAI, “the other 4 primary licensees have in principal agreed to join when they are in operation.”

In addition, IAMAI has more than 50 companies representing PPIs, Wallets, Aggregators, Business Correspondents, PoS Operators among others as members.