Along with them, the Board constitutes of Manisha Girotra, the chief executive officer of financial advisory firm Moelis India, who is also on boards of Mindtree and Ashok Leyland, Rajendra Kumar Saraf, who is a board director for Itz Cash Card. Sethurathnam Ravi, the director on boards of several other companies such as IDBI Bank Ltd, BSE Ltd, Aditya Birla Health Insurance Co Ltd, BOI Merchant Bankers Ltd, along with president of IIHMR University Vivek Bhandari, are also on the board of Jio Payments Bank.
Airtel Payments Bank Back on November 23, Airtel Payments Bank emerged to be the first one to go live, out of the eight companies who have suggested the launch of payment banks. These include Jio Payments Bank, Paytm Payments Bank, India Post Payments Bank, NSDL Payments Bank, Aditya Birla Idea Payments Bank, Fino PayTech, and Vodafone m-pesa. Within two days of its pilot going live in Rajasthan, the Airtel Payments Bank registered more than 10,000 customers who opened savings account with it. But, the way to initiate payments bank ecosystem in India has not been smooth. After 11 entities received in-principle nod, three of them — a consortium of Sun Pharmaceutical promoter Dilip Shanghvi, IDFC Bank Ltd and Telenor Financial Services, Tech Mahindra, and Cholamandalam Investment and Finance — backed out on their plans. Tech Mahindra (Tech Mahindra share price slipped 1 per cent) dropped its plan saying that competition in the sector would only erode its already thin margins.