airtel-moneyGovind Rajan, Chief Marketing Officer (Consumer Business) at Bharti Airtel, has taken additional charge of Airtel Money as its CEO, MediaNama had heard from reliable industry sources. Airtel has confirmed the development to MediaNama. Rajan takes over from Sriram Jagannathan, who was with the company for about four and a half years, as per his LinkedIn profile.

Rajan’s appointment comes at an interesting time, with the Reserve Bank of India having begun a process for allowing telecom operators and other stakeholders such as prepaid payment instruments services like Airtel Money, Oxigen, Itz cash card, Paytm and Mobikwik to set up Payment Banks, for enabling deposits for money transfer and payments.

Airtel Money is currently one of the largest Prepaid Payment Instruments services in India, though most of the transactions are likely to be recharges. For the quarter ended December 31st 2013, it reported Rs 1238.3 crore in transactions, up from Rs 654 crore reported for the previous sequential quarter, despite a 7.14% decline in active user base for the company, to 1.3 million. The total number of transactions increased to 28.69% to 30.5 million, and average value per transaction grew substantially to Rs 406 per transaction, up 47%.

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Airtel Money has partnerships with the National Payments Corporation of India, to offer mobile based Money Transfer through IMPS, North Bihar Power Distribution Company Limited (NBPDCL) to offer mobile-based electricity bill payments through airtel money across 21 districts of North Bihar, among other merchants.