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RBI approves re-appointment of who as part-time chairman of Paytm Payments Bank?
A)
Sachin Bansal
B)
Ashneer Grover
C)
Binny Bansal
D)
Vijay Shekhar Sharma

Correct Answer :   Vijay Shekhar Sharma


The Reserve Bank of India (RBI) has given its approval to Paytm Payments Bank for the re-appointment of Paytm chief executive Vijay Shekhar Sharma as part-time chairman for a year, as per a regulatory filing by the fintech company to the stock exchanges.

* “We have been informed that Paytm Payments Bank Ltd (PPBL) has received approval from RBI for the re-appointment of Mr. Vijay Shekhar Sharma as Part-time Chairman of PPBL, for a third term starting from May 23, 2023, for a period of one year,” One97 Communications, the Paytm parent, mentioned in its regulatory filing.

* Currently, One97 Communications owns a 49 percent stake in PPBL and Sharma holds the remaining of the stake in the entity.

* Notably, One97 Communications cut down its losses in the March quarter as the fintech firm’s consolidated net loss lowered to Rs 168 crore from Rs 761 crore a year ago, and Rs 392 crore a quarter ago.

* The company said the 51 percent surge was driven because of a hike in GMV (gross merchandise value), higher merchant subscription revenues, and growth in loans distributed via its platform.

* Across its three loan product offerings—Paytm Postpaid, Personal Loans, and Merchant Loans—loans amounting to Rs 12,554 crore were distributed through the Paytm platform in Q4..

Source : Money Control

Published On : May 24, 2023
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