This story has been updated

Shinjini Kumar has stepped down as the CEO-designate of the Paytm Payments Bank, with old One97 hand Renu Satti taking over from her as CEO. One97 Founder Vijay Shekhar Sharma told MediaNama that a CEO of the Payments Bank is appointed only after approval from the Reserve Bank of India, and thus, Satti is the first CEO of the Paytm Payments Bank. Around a month and half ago, both Shinjini Kumar and Paytm had denied that she was stepping down from the company, when MediaNama had contacted them for a confirmation or denial. “This information is false. She is very much an important part of our organisation”, Paytm had told MediaNama on March 28th, 2017. Mint and Business Standard have reported that she’s leaving the company.

Kumar had joined Paytm Payments Bank in February 2016. Prior to joining Paytm, she was with Pricewaterhouse Coopers, and between 1992 and 2007, spent close to 16 years working at the Reserve Bank of India.

Satti had joined One97 Communications in 2006, and has played multiple roles at the company, starting with Human Resources, but moving on to corporate development and business. According to ET, she was heading the movie ticketing business at Paytm.

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Note: this post has been updated to point out that Kumar was CEO designate of the Paytm Payments Bank, rather than the appointed CEO, based on a clarification from One97 founder Vijay Shekhar Sharma (referenced above). It’s worth pointing out that over the past year, Kumar has been referred to as the CEO of Paytm Payments Bank, but the company did nothing to correct the record during that entire period of time: in MintVCCircle, Economic Times (more than once), the Hindu