India-based mobile payment platform Paytm is set to hire about 3,000 employees for its new payment bank operations.

The payments bank is expected to be operational by March end, with an initial capital of INR4bn ($58.8m).

The company has already appointed about 20-25 senior and mid-management level executives to start the bank’s operations, and is still in look out for candidates for finance, risk, treasury and compliance functions.

The company said that it has appointed former Airtel executive Saurabh Sharma as the vice-president to manage merchant and agent acquisition for the payments bank business.

Dhruv Dhanraj Bahl has been named as the payment bank’s assistant vice-president. Bahl, who served at Bain & Company, will lead the branch designs and their launches across the country in his new role.

Additionally, the firm has also hired Neha Gupta from KMPG, who will join as deputy general manager and will be responsible for business operations.

Paytm was among the 11 of the 42 applicants who received a payments bank licence from RBI in August 2015. Payments banks can take deposits, offer internet banking, enable money transfers and sell insurance and mutual funds. However, the banks cannot lend to its customers.