India, Aug. 17 -- Sunil Bharti Mittal is set to step down as the non-executive chairman of Airtel Payments Bank and leave its board after serving in the role for more than a decade.

His tenure will conclude on September 30, following which existing board member Shabnam Sinha will take over as chairperson on October 1 for a three-year term.

Sinha's appointment has been cleared by Airtel Payments Bank's board and the RBI, the payments bank said in a statement.

Mittal, the founder and chairman of Bharti Enterprises, was appointed non-executive chairman of Airtel Payments Bank in April 2016.

During his tenure, the payments bank expanded its reach to more than 121 Mn monthly active users and nearly 30 Mn bank account customers. It currentl...