paytm: Paytm appoints new Group Head for Regulatory Affairs

Bengaluru: One97 Communications Ltd (OCL), the parent entity of fintech Paytm, is strengthening its general management.

He appointed Srinivas Yanamandra as Group Head for Regulatory Affairs and Policy.

Yanamandra joins the Noida-based financial services company from New Development Bank in Shanghai, where he served as the head of the compliance division.

Yanamandra has also worked with ICICI Bank and IDFC First Bank, focusing on aspects of banking regulation, governance, prudential reporting and risk management.

As part of its new role, Yanamandra will also ensure that Paytm, its subsidiaries and affiliates continue to implement improved compliance systems.

ET was first to report on March 29 that Paytm had hired Anuj Mittal as vice president of its investor relations division, in a bid to bolster its engagement with public markets analysts and investors, amid a fall in its share price.

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Paytm founder Vijay Shekhar Sharma said in a statement that Yanamandra’s expertise in the financial industry will further contribute to the rapid growth of the Paytm ecosystem.

Paytm shares fell around 4.3% to close at around 599 rupees each on BSE Monday.

“Paytm’s contribution to the Indian fintech landscape is exemplary, bolstered by business-friendly regulatory developments in the country. I am thrilled to be contributing to fuel the company’s journey as it continues to reach new milestones,” said Yanamandra.

Last month, the Reserve Bank of India (RBI) banned Paytm Payments Bank (PPB) from adding new users. The following week, ET announced that the central bank would set the terms of reference for an independent technology audit at the bank.

Currently, Sharma owns 51% of the bank, while the rest is owned by the listed entity.

This month, OCL filed its updated stake with Indian stock exchanges, in which it said foreign portfolio investors had reduced their stake in the company to 4.42% as of March 31, from 9.36% in the quarter ended December 31.

Retail investors, he told stock exchanges, increased their stake to 7.72% from 3.49% in the same period, while the Canada Pension Plan Investment Board (OIRPC) increased its stake to 1.71% from 1.57% previously.

When announcing its results for the quarter ended March 31, Paytm said it disbursed 6.5 million loans totaling 3,553 crore rupees (equivalent to approximately $474 million).

In the third fiscal quarter, Paytm had recorded 4.4 million loan disbursements on the platform. Additionally, it processed a merchant payment volume of Rs 2.59 lakh crore (or $34.5 billion) in the fourth quarter, the company said.

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