Mumbai: PayTM founder Vijay Shekhar Sharma will chair the newly formed Payments Banks Group at the Internet and Mobile Association of India (IAMAI) while Vodafone India business head (M-Pesa) Suresh Sethi will be the vice-chairman of the group.

Commenting on the development, 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 President Subho Ray, “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, and PoS Operators among others as members.