Paytm Payments Bank gets RBI approval to re-appoint Vijay Shekhar as part-time chairman for a year

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

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.

“With low penetration rates currently for each of our loan distribution products, we see a long runway for growth in this business,” the company had said in a release.

On Tuesday, One97 Communications stocks settled 1.78 percent higher at Rs 719.55 apiece on the BSE.