New Delhi, May 17 (IANS): Fintech company Paytm on Wednesday said it will finally launch the operations of its payments bank on May 23.

"We are in the process of launching Paytm Payments Bank on May 23. We recently received approval from the Reserve Bank of India (RBI) for Renu Satti to be the CEO," Paytm spokesperson told IANS here.

The Paytm Payments Bank launch, getting delayed for some time, was earlier scheduled for February.

Paytm founder Vijay Shekhar Sharma had earlier said the company will focus on expanding into the banking sector this year.

"We want to expand the network across the country and increase the penetration. We want to expand this to deposits and current accounts. I think 2017 will be the year for us to expand into banking. We have to build distribution, reach and customer base," Sharma had told BTVi earlier.

By 2020, the company targets to reach a customer base of 500 million.

Post-demonetisation, Paytm saw a surge in its customers owing to the digitisation push by the central government.