Paytm's Vijay Shekhar Sharma to head IAMAI's Payments Banks Group

Paytm founder Vijay Shekhar Sharma will chair the newly formed Payments Banks Group at industry body Internet and Mobile Association of India​ (IAMAI).

Vodafone India business head (M-Pesa) Suresh Sethi will be the Vice-Chairman of the Group, IAMAI said in a statement.

"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," Sharma said.

At present, six out of 10 payments banks' primary licensees are IAMAI members. IAMAI has more than 50 companies representing PPIs, wallets, aggregators, business correspondents, PoS Operators, among others as members.