๐Ÿš€ Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. ๐Ÿ”ฅ
Login

News on Medial

Related News

RBI approves Rajan Bajaj as MD and CEO of Slice

EntrackrEntrackr ยท 9d ago
RBI approves Rajan Bajaj as MD and CEO of Slice
Medial

Snippets RBI approves Rajan Bajaj as MD and CEO of Slice Fintech company Slice has announced the appointment of its founder, Rajan Bajaj, as Managing Director and Chief Executive Officer. Bajaj previously served as Executive Director of the company. The appointment has been approved by the Slice Board, shareholders, and the Reserve Bank of India (RBI). Bajaj founded Slice in 2016 and led the company from a consumer fintech startup into a regulated bank following its merger with North East Small Finance Bank in 2024. The company claims to have served more than 20 million registered users, employs over 3,000 people, and has raised over $250 million from prominent investors including Tiger Global, Insight Partners, and Advent International. Bajaj built Sliceโ€™s lending distribution and payments businesses under GIPL. In 2019, he also established Quadrillion Finance, QFPL, a wholly-owned NBFC of GIPL that extended credit to retail customers and small businesses using technology-led underwriting and efficient risk processes. QFPL was profitable and, along with GIPL, later merged into Sliceโ€™s banking entity. Over the last three quarters of FY26, Slice reported a Profit After Tax of Rs 27.97 crore. Asset quality remains stable, supported by disciplined underwriting and in-house risk infrastructure. Within one year of commencing full banking operations, more than 4 million savings accounts have been opened with it. Commenting on the appointment, Bajaj said, โ€œI am grateful to the Reserve Bank of India and our Board for the confidence they have placed in me. More people need banking in India today than at any point in our country's history. The digital infrastructure to serve them well and at a fraction of the traditional cost now exists. And for the first time, technology makes it possible to offer every customer the kind of financial products that until recently were only available to the wealthiest few.โ€ Slice operates as a full-stack bank, offering solutions such as the Slice savings account, Slice fixed deposits, Slice UPI, Slice borrow, the Slice UPI credit card, and Indiaโ€™s first UPI-led bank branch.

Vijay Shekhar Sharma resigns from Paytm Payments Bank board

EntrackrEntrackr ยท 2y ago
Vijay Shekhar Sharma resigns from Paytm Payments Bank board
Medial

Vijay Shekhar Sharma has stepped down from his position as part-time non-executive chairman and board member of Paytm Payments Bank Limited (PPBL), as per a filing on the BSE by One97 Communications Ltd (OCL). The company also announced that it has reconstituted its board of directors with the appointment of former Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal. They had recently joined the board as independent directors, the company added. โ€œOCL supports PPBLโ€™s move of opting for a board with only independent and executive directors by removing its nomineeโ€ฆ PPBL has informed us that they will commence the process of appointing a new chairman,โ€ it added in the disclosure [pdf]. The move comes weeks after the Reserve Bank of India (RBI) imposed a set of business restrictions on Paytm Payments Bank over non-compliance and regulatory concerns. The business restrictions are set to impact Paytmโ€™s different business verticals related to the payments bank. Also Read: RBIโ€™s additional steps aim to protect โ€˜@paytmโ€™ users, merchants Since then, the central bank has made a few additional steps to safeguard affected customersโ€™ interests, including granting temporary relaxations on the restrictions. The RBI has extended the earlier stipulated timeline from February 29, 2024, to March 15, 2024, for further deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. The same timeline extension has been given to banking services such as fund transfers, BBPOU, and UPI facilities. Recently, RBI deputy governor Swaminathan J clarified that the crackdown on Paytmโ€™s payments bank was not sudden but followed several conversations and giving the company ample time to take corrective measures. โ€œWhen constructive engagement doesnโ€™t work or when the regulated entity does not take effective action, we go for imposing business restrictions,โ€ Das was quoted as saying.

Download the medial app to read full posts, comements and news.