Paytm founder Vijay Shekhar Sharma will now chair IAMAI payments banks group

Paytm founder Vijay Shekhar Sharma is all set to bring his expertise and lead the payments banks group of the Internet and Mobile Association of India (IAMAI).

Vodafone India business head Suresh Sethi has been appointed as vice-chairman of the group.

"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," said Sharma.

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The Reserve Bank of India (RBI) had granted payment licences to companies including Paytm and Vodafone.

IAMAI counts six out of the ten payments banks' primary licensees as members and as per IAMAI President Dr Subho Ray, the other four primary licensees have in principal agreed to join when they will be in operation.

The business potential from serving millions of unbanked Indians to further the financial inclusion initiative of the government and the Reserve Bank had attracted most of the top business houses.

(Image: Indiatimes)