MUMBAI: Paytm Payments Bank CEO Renu Satti has resigned from her post after serving the responsibility for one year and two months. Now, she will head the new retail initiative of the firm as chief operating officer. The company has not found her replacement yet.

"Renu Satti will be leading the charge as COO of this new (retail) initiative...She has already resigned from Paytm Payments Bank CEO position and the bank will soon be recruiting a new CEO," Paytm said in a statement as quoted by the Press Trust of India.

Satti has been recognised for making its marketplace, movie-ticketing and payments bank businesses from the ground-up. "She has been a champion of new business launches and her acumen makes her a perfect candidate for leading this important launch," the company said.

Under the 'New Retail' model, consumers will able to discover nearby pharmacies, groceries and other shops to place an order and get instant deliveries.

The company started the business as a mobile recharge platform and later expanded into digital payment solutions and e-commerce (Paytm Mall).