NEW DELHI : Publicly-listed One97 Communications, the guardian entity of Paytm, has employed Customary Chartered Financial institution government Nakul Jain as CEO of Paytm Funds Providers Ltd (PPSL). Jain earlier served as managing director of personal banking, precedence banking, deposits and department banking at Customary Chartered Financial institution.
Alongside, Praveen Sharma, the CEO of Paytm Funds Providers, has been moved to guide the corporate’s commerce vertical. Sharma was made MD and CEO of PPSL in September 2021, an individual conscious of the event instructed Mint. “He’ll lead Paytm’s commerce vertical, which incorporates video games, films, journey, mall and extra,” the particular person cited above mentioned on situation of anonymity. Sharma will proceed to guide the corporate’s promoting enterprise.
Paytm didn’t reply to Mint queries until press time. Nonetheless, Jain has up to date his LinkedIn profile.
Paytm Funds is a unit by means of which Paytm operates its cost gateway and cost aggregator companies. Paytm makes use of this gateway to course of transactions on debit playing cards, bank cards, wallets and web banking. At its third quarter earnings name, Paytm CFO Madhur Deora had described it as one of many largest cost gateways in India.
In March 2020, the Reserve Financial institution of India issued new tips for cost aggregators and cost gateways that said that non-banking entities providing cost aggregator companies want to use for recent authorization. The rules additionally said that non-banking entities should separate their cost aggregator and gateway companies from their market enterprise.
Since Paytm has saved its cost gateway exterior the funds financial institution and is a wholly-owned subsidiary of One97 Communications, it utilized for a cost aggregator licence in January 2021.
Earlier this month, Mint wrote that out of near 180 cost aggregator functions, over 100 functions have been returned or rejected by the RBI. Thus far, solely 4 entities Razorpay, Pine Labs, Stripe, and 1Pay have confirmed to have acquired the in-principal nod from the regulator.
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Supply: Live Mint