By giving up the chairman’s job at Paytm Payments Bank, he is attempting a Bond-like escape from the wrath of the banking regulator. Will he succeed?
Vijay Shekhar Sharma (VSS) is a man of grand announcements. Many critical moments in his life—starting one of the earliest payments banks in the country to receiving funding from legendary investor Warren Buffet—were all marked by loud proclamations of ambition and aplomb. But as he lives through one of the most decisive moments of his entrepreneurial career, wherein he seemingly cedes control of the payments bank that was the cornerstone of his fintech universe, the Paytm founder prefers the silent way out.
On February 26, One97 Communications (OCL), the listed entity behind the popular Paytm payments application, disclosed to the stock exchanges that its payments bank arm underwent a major rejig of its decision-making body. “OCL withdraws its nominee from the Paytm Payments Bank board and Vijay Shekhar Sharma steps down as part-time non-executive chairman and board member,” it said.
For those who have followed the Paytm saga, it is common knowledge that Paytm Payments Bank (PPBL) was the defining feature that helped Paytm become a leader in India’s financial technology landscape. Paytm’s popular wallet business was housed within PPBL, and the in-house payments bank allowed Paytm to cut down its dependence on third-party banks in key segments of its digital payments pipeline.
Under the ambitious leadership of VSS, it did not take long for “Paytm karo” to become the slogan of a rapidly digitalised payments market in India. But its penchant for cutting corners and chasing quick growth meant that VSS’s fintech empire, specifically its payments bank entity, attracted close scrutiny from the Reserve Bank of India (RBI).
Diese Geschichte stammt aus der March 2024-Ausgabe von Outlook Business.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der March 2024-Ausgabe von Outlook Business.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
DEMAND DRAFT
A new government, a new beginning. However, for industry leaders, it is a time of uncertainty as they wait and watch what policies the new dispensation will enact.
REBEL'S GUIDE TO SUCCESS WITH FOOD
Having started its journey in 2004 as a quickservice restaurant under the brand name Faasos, Rebel Foods, now a unicorn, aims to expand its footprint. Jaydeep Barman, co-founder of Rebel Foods, talks to Vinita Bhatia about the company’s growth plans, focusing on Tier-II and -III cities, licensing as a strategy and more. Edited excerpts:
NATURE BECKONS
When not busy at work, Naivedya Agarwal, co-founder and CEO of manufacturing start-up Runaya, indulges in activities that keep him close to nature, like wildlife photography, safaris, flying and holidays at beaches and the hills
Combining Minimalism and Material Responsibility for Timeless Furniture Pieces
Leading Furniture Industry with Inspiring Innovation, Sustainability, Customization, and Collaboration. EK Designs creates designs with honesty and transparency upholding the strict quality norms.
Participation Over Dictation Leads to Excellence: Girish Avansta
Accellor's innovative Al-backed designs are a result of the whole-hearted participation of every employee
Leading the Charge in Digital Transformation by Pioneering the Future of Enterprise Automation
Areteans is Revolutionizing Business Automation and AI Integration
Recognizing MSME Excellence and Charting the Future: Insights from Outlook Business Spotlight Awards 2024
MSMEs are the \"unsung heroes who keep our industries humming and our dreams soaring.
"Sustainability is an Essential Component of Lubrizol's Corporate DNA"
Bhavana Bindra, Lubrizol's dynamic Managing Director, shares her views on sustainable growth and Lubrizol's impact in India.
Modernizing Mobility: India's Need For A Smarter And Sustainable Passenger Transportation Solution
India is at the forefront of a transformative wave of urbanisation. To combat climate change and urban pollution, upgrading infrastructure and embracing sustainable mobility, particularly in efficient mass transportation systems is an imperative.
Bank Imbalance
As investors turn to more lucrative options, banks in India are seeing sluggish growth in deposits. With a limited arsenal to compete with high returns available elsewhere, they are struggling to balance deposits with the amount of loans they are handing out
