Paytm and how not to be a bank board member

The RBI’s restrictions on Paytm Payments Bank’s operations seem to be because of serious compliance failures. What was its board full of banking and policy veterans doing?

Till Thursday, I never looked at who were the board of directors at Paytm Payments Bank, currently the centre of attention for all the wrong reasons. My bad? No. I knew from somewhere that Paytm founder Vijay Shekhar Sharma described himself as its part-time chairman and that wasn’t inspiring enough to dig deeper. (Paytm owns 49% in the payments bank, with Sharma holding the remaining 51%.)

Not that I don’t admire what Sharma had done to the payments industry in India. Out of nowhere he had simplified making and receiving payments to a point where “Paytm karo” became the de …

Author

T Surendar

Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.

Executive Editor

surendar@mailtmc.com

Mumbai