Paytm Money Appoints NV Srinivasan As Non-Executive Independent Director
Srinivasan brings extensive experience in finance, risk management, capital markets, and banking strategy.
Paytm Money, the wholly-owned subsidiary of fintech firm One97 Communications Ltd., announced the appointment of Narasinganallore Venkatesh Srinivasan as its new non-executive independent director on Tuesday. Srinivasan brings extensive experience in finance, risk management, capital markets, and banking strategy.
He previously served as the chief executive officer of the Association of Mutual Funds in India and held the roles of chief financial officer and executive director on the Board of Lakshmi Vilas Bank.
"We have built a strong consumer centric platform over the past few years, keeping governance at the forefront of our efforts. With Srinivasan's strong understanding of regulations and extensive experience across financial markets, we are committed to further enhancing these aspects," said Rakesh Singh, chief executive officer and whole-time director of Paytm Money.
Srinivasan also held senior positions at IDBI Bank over a 19-year tenure. Additionally, he chaired the Reserve Bank of India's Technical Advisory Committee for the fixed income, money markets, and derivatives association and was a member of the Foreign Exchange Dealers' Association of India's management committee.
"I am pleased to join Paytm Money's board and contribute to its mission of transforming the investment landscape in India. With my broad experience in finance and banking, I am excited to work alongside a dynamic team dedicated to innovation and growth," Srinivasan said.
This appointment comes after the markets regulator had issued a notice to One97 Communications Chief Executive Officer Vijay Shekhar Sharma and former board directors from 2021 over alleged non-compliance of promoter classification norms during the IPO of One97 Communications Ltd.
In response to these reports, Paytm released a press statement addressing the concerns raised. The company emphasised that the matter was not new and had been previously disclosed in its financial results for the quarter and year ended March 31, 2024, as well as for the quarter ended June 30, 2024.
(With inputs from PTI).
