Fintech platform Paytm Payments Bank has appointed Arun Bansal, an ex-IDBI Bank executive, as the managing director and CEO. This is as per a report by Business Standard.
Bansal resigned as Executive Director and Head of Treasury from IDBI Bank on June 25. The Reserve Bank of India approved Bansal’s appointment as the MD and CEO of Paytm Payments Bank.
Fintech platform Paytm Payments Bank has appointed Arun Bansal, an ex-IDBI Bank executive, as the managing director and CEO. This is as per a report by Business Standard.
Bansal resigned as Executive Director and Head of Treasury from IDBI Bank on June 25. The Reserve Bank of India approved Bansal’s appointment as the MD and CEO of Paytm Payments Bank.
Bansal reportedly wrote in his resignation, “With pleasure, I wish to inform you that RBI has approved my appointment as MD and CEO of Paytm Payment Bank. Therefore, I hereby tender my resignation from the service of the IDBI Bank.”
The former MD and CEO of Paytm Payments Bank resigned in April this year due to personal reasons. The company said in a regulatory filing, “The Company would like to update that it has been informed by its associate entity, Paytm Payments Bank Limited ("PPBL"), on April 8, 2024, at 5.23 p.m. that Mr. Surinder Chawla, Managing Director and CEO of PPBL, has tendered his resignation on April 8, 2024, on account of personal reasons and to explore better career prospects. He will be relieved from PPBL w.e.f. the close of business hours on June 26, 2024, unless changed by mutual consent.”
Bansal’s appointment is coming at a time when the fintech platform is trying to revamp itself after the crackdown by the central bank. On January 31, the RBI imposed restrictions on Paytm Payments Bank due to its persistent non-compliance with regulatory practices.
The fintech platform is also trying to come up with offers and cashbacks to woo customers. The company recently announced that it will provide Rs 100 cashback for all UPI payments.
In order to woo merchant partners, Paytm has also rolled out a health and income protection plan for Rs 35. Additional perks, such as savings at reputable pharmacies and on diagnostic testing, are available to merchant partners.
Meanwhile, Paytm founder and CEO Vijay Shekhar Sharma recently reportedly said, “We should have done better; there are no secrets about it. We should have understood better. We had responsibilities; we should have fulfilled them much better.”