The Reserve Bank of India (RBI) has given its nod to the reappointment of Paytm CEO, Vijay Shekhar Sharma, as the part-time chairman of Paytm Payments Bank Ltd (PPBL) for another year.
What Happened? This development, marking Sharma’s third term, begins on May 23, according to a regulatory filing by Paytm’s parent company, One97 Communications.
Presently, One97 Communications holds a 49% stake in PPBL, while Sharma owns the rest.
In the March quarter, One97 Communications significantly reduced its losses. The company’s consolidated net loss dropped to ₹168 crore, a considerable decrease from ₹761 crore the previous year and ₹392 crore from the preceding quarter.
The firm attributes this 51% surge to an increase in gross merchandise value (GMV), higher merchant subscription revenues, and growth in loans distributed through its platform.
See also: Paytm May Give Up Commission To Gain Customers On ONDC
During the fourth quarter, the Paytm platform facilitated the distribution of loans amounting to ₹12,554 crore across its three loan product offerings, namely Paytm Postpaid, Personal Loans, and Merchant Loans.
The company sees a promising future for growth in this business, citing the current low penetration rates for each of its loan distribution products, according to a company statement.
Price Action: Paytm shares were down 0.67% at ₹715.20 soon after markets opened for trading on Wednesday.
Read next: Paytm’s New Software Kit Enables In-App UPI Transactions For Merchants
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