The event comes nearly a month after Paytm Funds Financial institution Ltd (PPBL) stopped primary banking companies below the directions from the Reserve Financial institution of India.
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One 97 Communications has additionally knowledgeable the exchanges that each one relations with PPBL have been snapped by Paytm, and that the board of the financial institution has been reconstituted with 5 impartial administrators together with an impartial chairperson.
ETtechChawla despatched in his resignation on Monday, citing private causes and to pursue “higher profession prospects”, the submitting talked about. His final working day shall be June 26.
Chawla had joined the cost financial institution on January 9 final 12 months. Previous to that, he was with RBL Financial institution as the top of department banking.
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Additionally learn | Elevation Capital’s large gamble on Paytm backfires
Whereas PPBL has misplaced its prime government, Paytm has misplaced additional market share on Unified Funds Interface (UPI), the preferred cost mechanism within the nation.
In accordance with knowledge launched by NPCI, Paytm reported 1.2 billion UPI funds in March, down barely from 1.3 billion in February and 1.4 billion transactions in January.
Additionally learn | Paytm’s woes set off contemporary worries on UPI market share duopoly
With its rivals PhonePe and Google Pay reporting month-on-month transaction development, Paytm at the moment has lower than 9% market share on UPI. PhonePe, with 6.5 billion transactions, had a share of 48% final month whereas Google Pay had 37% share with 5 billion transactions.
At present, Paytm operates as a third-party cost utility on UPI, working with Sure Financial institution, HDFC Financial institution, State Financial institution of India, and Axis Financial institution for this service.
One 97 Communications shares closed at Rs 404.3 apiece on Tuesday, down 1.95% on the BSE whereas the benchmark Sensex nearly flat, down 0.08%.
Additionally learn | Paytm’s UPI funds: Two contrasting developments
