Paytm testing free Wi-Fi service; will honor net neutrality
The new round is expected to raise the company's value to $5 billion, which is twice its valuation at $2 million in May this year. Pictured: Logo of Paytm.Wikimedia commons

In a bid to strengthen the senior management and workforce of its company, mobile payment platform Paytm will hire around 3,000 people for its payments bank. The company has a starting budget of Rs 400 crore.

It has already hired ex-Airtel executive Saurabh Sharma as vice-president to handle merchant and agent acquisitions for the payment bank business, The Economic Times said. The company is hoping to start its new business' operations from April 2016.

The payment provider company also hired Dhruv Dhanraj Bahl from Bain & Company to join it as assistant vice-president to head the branch design team and their rollout across India. To handle its business operations, it has reportedly hired KPMG's Neha Gupta, who is expected to join the company as deputy general manager in a few weeks.

"We have shortlisted people for the CEO position and hopefully we should be able to communicate it when the RBI gives us a go ahead. The appointments to the payments bank's senior leadership are nearly complete. We have decided to put the budget for the payments bank at Rs 400 crore for two years," Paytm CEO Vijay Shekhar Sharma told the publication.

According to reports, about 20-25 executives have been hired to begin the payments bank's operations, but the company is on the lookout for candidates to fill the finance, treasury and risk teams. It aims to generate Rs 10,000 crore in deposits in a period of three years.

The company's CEO on Friday announced that the customers at Indian Oil petrol pumps could start paying for fuel using the mobile wallet service. The move is aimed at making payments cashless at petrol pumps, NDTV reported.