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Deependra Singh Rathore is new CTO for payments at One 97 Communications

Economic Times

Economic Times · 10m ago

Deependra Singh Rathore is new CTO for payments at One 97 Communications

- One 97 Communications, the parent company of Paytm, has appointed Deependra Singh Rathore as its Chief Technology Officer (CTO) for payments. - Rathore previously served as a Senior Vice President in charge of technology at Paytm Payments Bank Ltd since 2016. - Manmeet Singh Dhody, the previous CTO of payments, will now serve as an AI Fellow. - Paytm is known for its innovations in mobile payments and inclusive financial service distribution. - The Reserve Bank of India (RBI) previously instructed Paytm Payments Bank to stop basic banking services from March 15. - Paytm reported an operational revenue of Rs 9,977.8 crore in FY24, but also a net loss of Rs 1,423 crore.

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Related News

Paytm appoints Deependra Singh Rathore as new CTO, as Dhody transitions to AI Fellow

YourStory

YourStory · 10m ago

Paytm appoints Deependra Singh Rathore as new CTO, as Dhody transitions to AI Fellow

- Paytm has appointed Deependra Singh Rathore as its new Chief Technology Officer for Payments, replacing Manmeet Singh Dhody. - Deependra Singh Rathore has been with Paytm and its associate company, Paytm Payments Bank Limited since January 2016. - Rathore is currently the Senior Vice President - Technology and drives AI-led strategic initiatives at Paytm. - During his tenure at Paytm, Rathore has been responsible for building and enhancing payments technology, including online payment gateway, QR payments, and card payments. - The appointment of Rathore comes as part of Paytm's plans to revamp its senior leadership team following recent high-level departures. - Manmeet Singh Dhody, the former CTO for Payments at Paytm, has transitioned to the role of "AI Fellow".

Paytm Fortifies Its AI Play, Appoints Payments CTO Manmeet Dhody As AI Fellow

Inc42 · 10m ago

Paytm Fortifies Its AI Play, Appoints Payments CTO Manmeet Dhody As AI Fellow

- Manmeet Dhody appointed as AI Fellow to drive AI innovation at the fintech major - Deependra Singh Rathore promoted as the new CTO-Payments - Paytm's CEO Vijay Shekhar Sharma emphasizes commitment to integrating AI in core payment business - Focus on AI-driven projects for business growth and innovation - Strengthening leadership team with strategic appointments in technology and AI roles

Paytm Money CEO Varun Sridhar steps down; Rakesh Singh appointed as chief executive

Economic Times

Economic Times · 1y ago

Paytm Money CEO Varun Sridhar steps down; Rakesh Singh appointed as chief executive

Paytm Money, the wealth management platform of One 97 Communications, has appointed Rakesh Singh as its CEO, replacing Varun Sridhar. Singh, former CEO of broking services at Fisdom, joined Paytm Money last month. Sridhar, who had led Paytm Money to profitability, has been moved to a different role within the group. Paytm Money closed FY23 with a net profit of Rs 42.8 crore. The platform focuses on stock markets and mutual fund investments and is a major player in the direct mutual funds space. However, it lags behind rivals in the stockbroking sector.

Paytm receives approval from NPCI to onboard new UPI users

Economic Times

Economic Times · 10m ago

Paytm receives approval from NPCI to onboard new UPI users

Paytm's parent company, One 97 Communications, has received approval from the National Payments Corporation of India (NPCI) to onboard new users onto its UPI platform. However, this approval is subject to Paytm adhering to all NPCI guidelines and circulars regarding risk management, brand guidelines, multi-bank regulations, TPAP market share, and customer data. The approval signifies a positive step forward for Paytm in expanding its user base and offering digital payment services.

Paytm To Move Its Point Of Sale Terminals To RBL Bank

Inc42 · 1y ago

Paytm To Move Its Point Of Sale Terminals To RBL Bank

Fintech company Paytm plans to transfer its point of sale (PoS) terminals, used for processing card payments at merchant establishments, to RBL Bank. The parent company, One 97 Communications, will continue to operate and manage the terminals under the Paytm brand, while transaction processing will be handled by RBL Bank. This move follows Paytm's recent shift of its nodal account to Axis Bank after the RBI barred Paytm Payments Bank from certain activities. Paytm also recently obtained a TPAP license from the National Payments Corporation of India.

RBI move against Paytm likely to disrupt retail payments

Economic Times

Economic Times · 1y ago

RBI move against Paytm likely to disrupt retail payments

The Reserve Bank of India (RBI) terminating the nodal accounts of One 97 Communications Ltd and Paytm Payments Services Ltd could have significant effects on India's digital payments ecosystem. This decision will impact consumer and merchant payments, with Paytm's extensive network of merchants now having to switch to other payment platforms. It is expected that Walmart-owned PhonePe will be the biggest beneficiary of this situation, as they are already preparing for a surge in business. The move is likely to disrupt both consumer and merchant payments in the country.

Paytm Gains 3% In Early Trade After Starting Customer Migration To PSP Banks

Inc42 · 1y ago

Paytm Gains 3% In Early Trade After Starting Customer Migration To PSP Banks

Shares of One 97 Communications Ltd, the parent company of Paytm, rose over 3% to reach INR 404.55 on Thursday. This surge followed the news that the company received approval from the National Payment Corporation of India (NPCI) to migrate users to a new Payment System Provider (PSP) bank. However, the shares later declined, reaching INR 392.65 at 12:40 pm. Paytm has begun transferring its UPI users to new PSP banks such as Axis Bank, HDFC Bank, SBI, and YES Bank in order to ensure uninterrupted and secure UPI payments.

Paytm shares crash 20% after RBI damages reputation, brokers downgrade

Economic Times

Economic Times · 1y ago

Paytm shares crash 20% after RBI damages reputation, brokers downgrade

Shares of Paytm, owned by One 97 Communications, tumbled 20% on the stock market after the Reserve Bank of India (RBI) ordered Paytm Payments Bank to halt new credit and deposit operations. Global broking firm Jefferies downgraded the stock and reduced the target price to Rs. 500, citing reputational concerns and the potential impact on the wallet and merchant payments businesses. Paytm expects the RBI measures to have a worst-case impact of Rs. 300 to 500 crores on its annual EBITDA.

Paytm Senior VP Praveen Sharma Resigns To Pursue ‘Other Opportunities’

Inc42 · 1y ago

Paytm Senior VP Praveen Sharma Resigns To Pursue ‘Other Opportunities’

Praveen Sharma, senior vice president of business at Paytm's parent company One 97 Communications, has resigned after over four years. His resignation comes shortly after Paytm founder Vijay Shekhar Sharma stepped down from the board of Paytm Payments Bank. Paytm is also planning to transfer its point of sale (PoS) terminals to RBL Bank. In January, the RBI issued a directive that prevented Paytm Payments Bank from carrying out certain transactions. Since then, Paytm shares have plummeted and several mutual funds have divested their holdings in the company.

One 97 Communications discontinues inter-company agreements with Paytm Payments Bank

Economic Times

Economic Times · 1y ago

One 97 Communications discontinues inter-company agreements with Paytm Payments Bank

Indian payments company Paytm, operated by One 97 Communications, has announced that it is discontinuing various inter-company agreements with its payments bank unit. The move comes as part of an effort to reduce dependencies within the company. Paytm and the Paytm Payments Bank (PPBL) have mutually agreed to terminate these agreements. Last month, the Reserve Bank of India (RBI) prohibited PPBL from accepting fresh deposits or top-ups in customer accounts. As a result, the Chairman of Paytm Payments Bank, Vijay Shekhar Sharma, stepped down and the bank's board is being reconstituted.

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