Paytm Payments Bank gets RBI nod to re-appoint Vijay Shekhar as part-time chair for a year
1 min read . Updated: 23 May 2023, 10:49 PM IST
PremiumPaytm Payments Bank has got the RBI nod to re-appoint Vijay Shekhar as part-time chair for a year
The Reserve Bank of India (RBI) has given its nod to Paytm Payments Bank for the re-appointment of Paytm CEO Vijay Shekhar Sharma as part-time chairman for a year, according to a regulatory filing by the fintech firm to the stock exchanges.
"We have been informed that Paytm Payments Bank Ltd (PPBL) has received approval of RBI for re-appointment of Mr. Vijay Shekhar Sharma as Part-time Chairman of PPBL, for a third term starting from May 23, 2023, for a period of one year," One97 Communications said in its regulatory filing.
One97 holds a 49 per cent stake in PPBL and Sharma holds the rest of the stake in the entity. Paytm's consolidated net loss narrowed to ₹168.4 crore in the fourth quarter of FY23, compared to a loss of ₹761.4 crore in the corresponding quarter of the previous year.
In terms of the top-line front, Paytm's revenue from operations stood at ₹2,334.5 crore in Q4FY23, registering a growth of 51.5 per cent from ₹1,540.9 crore in Q4FY22 and up by 13.2 per cent from ₹2,062.2 crore.
Also, due to sustained improvement in contribution profit and operating leverage, Paytm achieved EBITDA before ESOP valued at ( ₹176 crore) and further reported improved EBITDA by ₹602 crore year-on-year.
On May 23, shares of One97 Communications settled 1.78 per cent higher at ₹719.55 apiece on the BSE.