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).
Esta historia es de la edición March 2024 de Outlook Business.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición March 2024 de Outlook Business.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
The Faultline Called Unemployment
With youths accounting for a staggering majority of the unemployed population in India, the ruling Bharatiya Janata Party, which claims to have put India on a sound growth track, has some tough questions to answer as it seeks a third term at the Centre
'TECH, GOVERNMENT SUPPORT DRIVING GROWTH IN INDIA'S EXPORTS'
As overall exports in India witnessed a rise over the previous year, Akshay Ghulati, co-founder of Strategy and Global Expansion at Shiprocket Global, talks about five drivers of booming trade in India
IN THE RIGHT ENSEMBLE
Manish Kapoor MD and CEO of global clothing brand Pepe Jeans London, finds happiness in spending time with his family and bonding with them over leisure trips, Formula One races, cricket matches and cooking
GREEN GLOBETROTTING
Amid growing awareness about sustainable tourism, more people are hoping to reduce their carbon footprint. Besides benefitting the planet, sustainable tourism also presents the industry with the opportunity to grow responsibly
LOOPM ALTERNATIVES: ADDING A NEW AND LASTING DIMENSION TO PRESERVING FOOD
LoopFresh, an Indian innovation promises to transform the way perishables are stored on our supermarket shelves to retain their freshness.
PLANET VS PLASTIC OR PLASTIC VS SUBSTITUTES?
The theme of Earth Day 2024 was Planet vs Plastic, but plastic industry stakeholders are armed with studies to find faults with its alternatives
WELSPUN LIVING LIMITED: MAKING STRIDES TOWARDS GREENER FUTURE
Striving to advance systematically on the path of sustainable development, Welspun, a global leader in home solutions, is making a mark with its holistic Environmental, Social, and Governance (ESG) approach towards well-being of all the stakeholders
PROMOTING BIOFUELS FOR SUSTAINABLE ENERGY SUPPLY
Biofuels offer a viable solution to reducing dependence on imported fossil fuel while providing cleaner energy, states Kishan Karunakaran, CEO of Buyofuel. In an interview he speaks about how agro-waste and even plastics and tyres can be utilised for producing biofuels, thus supporting a circular economy.
A Ready Reckoner for Climate Justice
In Climate Change: The Policy, Law, and Practice, Jatinder Cheema presents a comprehensive exploration of the multifaceted challenges posed by climate change and the corresponding policy, legal and practical responses needed to address this global crisis effectively
TETRA PAK'S AMBITION TO LEAD THE SUSTAINABILITY TRANSFORMATION
Tetra Pak has set 2030 net zero emission goals for itself and 2050 net Zero emission goals for its supply chain. Juhi Gupta, Director Sustainability Tetra Pak, South Asia, in an interview shares how this is being achieved. Excerpts:
