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Paytm hires a new head of regulatory affairs

One97 Communications Ltd (OCL), the parent company of fintech firm Paytm, is beefing up its senior management.

Srinivas Yanamandra has been appointed as the group head for regulatory affairs and policy.

Yanamandra comes to the Noida-based financial services firm from the New Development Bank in Shanghai, where he was the head of the compliance division.

Yanamandra has also worked for ICICI Bank and IDFC First Bank, where she focused on banking regulation, governance, prudential reporting, and risk management.

Yanamandra’s new role will also include ensuring that Paytm, its subsidiaries, and affiliates continue to improve their compliance systems.

On March 29, ET was the first to report that Paytm had hired Anuj Mittal as vice-president of its investor relations division, in an effort to increase engagement with public-market analysts and investors amid a drop in the company’s stock price.

Yanamandra’s expertise in the financial industry, according to Paytm founder Vijay Shekhar Sharma, will contribute to the rapidly growing Paytm ecosystem.

On Monday, Paytm shares fell about 4.3 percent to close at around Rs 599 apiece on the BSE.

“Paytm’s contribution to the Indian fintech landscape is exemplary, bolstered by the country’s business-friendly regulatory developments.” “I’m excited to contribute to the company’s journey as it continues to achieve new milestones,” Yanamandra said.

The Reserve Bank of India (RBI) barred Paytm Payments Bank (PPB) from adding new users last month. The central bank would set the terms of reference for an independent technology audit at the bank, according to ET the following week.

Sharma currently owns 51 percent of the bank, with the rest held by the listed entity.

This month, OCL filed an updated shareholding report with Indian stock exchanges, stating that foreign portfolio investors had reduced their stake in the company to 4.42 percent as of March 31, down from 9.36 percent in the quarter ended December 31.

Retail investors increased their stake to 7.72 percent from 3.49 percent in the same period, according to the company, while the Canada Pension Plan Investment Board (CPPIB) increased its stake to 1.71 percent from 1.57 percent previously.

Paytm announced its results for the quarter ended March 31st, stating that it had disbursed 6.5 million loans totalling Rs 3,553 crore (or approximately $474 million).

Paytm recorded 4.4 million loan disbursements on the platform in the fiscal third quarter. Furthermore, it processed a merchant payments volume of Rs 2.59 lakh crore (or $34.5 billion) in the fourth quarter, according to the company.

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