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

Vijay Shekhar

The Reserve Bank of India (RBI) has given its approval to Paytm Payments Bank for the re-appointment of Paytm CEO Vijay Shekhar Sharma as part-time chairman for a year, according to a regulatory statement by the fintech firm to the stock exchanges.

“We have been informed that Paytm Payments Bank Ltd (PPBL) has received approval of RBI for 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 said in its regulatory filing.

One97 owns 49 percent of PPBL, while Sharma owns the remaining portion. Paytm’s consolidated net loss shrank to 168.4 crore in the fourth quarter of FY23, compared to a loss of 761.4 crore in the same quarter last year.

Paytm’s revenue from operations rose at 2,334.5 crore in Q4FY23, representing a 51.5 percent increase from 1,540.9 crore in Q4FY22 and a 13.2 percent increase from 2,062.2 crore.

Paytm also achieved EBITDA before ESOP of (176 crore) and improved EBITDA by 602 crore year on year due to steady improvement in contribution profit and operating leverage.

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