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).
この記事は Outlook Business の March 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Outlook Business の March 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
'Automation is Redefining Efficiency and Precision in Jewellery Manufacturing'
Increasing brand consciousness and awareness among consumers is helping expand the organised jewellery retail industry. MP Ahammed, chairman of Malabar Group, discusses prominent trends in the jewellery industry
BATTLE TO WIN THE AI RACE
In Supremacy, Parmy Olson tells the astonishing and behind-the-scenes story of the battle between the world’s two leading artificial intelligence firms, OpenAl and DeepMind and the continuing rivalry of its founders Sam Altman and Demis Hassabis respectively
A LEADER WHO EMPOWERS
Anshul Arzare, MD and CEO of YES SECURITIES, wants to ensure a workplace where employees not only contribute to the company's vision but also feel content
EV Unplugged
Electric vehicles are crucial to India’s climate change plan. But reliance on China for imports and technology constraints remain hurdles the sector needs to overcome
Every Lamborghini Owner is a Brand Ambassador
Regional director of Automobili Lamborghini, Francesco Scardaoni, talks to Prachi Khanna about the brand’s approach to fostering a sense of community among its vehicle owners. Edited excerpts
NO ZEST FOR ZED
A government initiative to green MSMEs is not finding enough takers
SMALL PLANTS, BIG TROUBLE
Climate-triggered stress is placing an unprecedented burden on small businesses. But a lack of access to climate aid hinders the sector's ability to adopt greener methods
'We Think About the Rider More Than Any Other Company
Rapido co-founder Aravind Sanka talks to Neeraj Thakur and Deepsekhar Choudhury about how flexibility and fair pay helped his company disrupt the Ola-Uber duopoly. Edited excerpts
LABOUR PANGS
Rising cost of living in a fast-growing economy is making workers restless
'Hustle is No Virtue'
It has become fashionable to talk about the verb “hustle” these days, especially in professional settings.
