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HomeBusinessPaytm hires compliance expert - Times of India

Paytm hires compliance expert – Times of India

MUMBAI: One97 Communications, the parent company of Paytm, has appointed Srinivas Yanamandra, former head of compliance at the New Development Bank (BRICS Bank) as group head of regulatory affairs and policy. Yanamandra has over 20 years of experience in building compliance systems and processes.
The appointment comes a month after the RBI barred Paytm Payments Bank from onboarding new customers for alleged gaps in its systems pertaining to ‘know your customer’ (KYC) norms. Before joining NDB, Yanamandra worked as a compliance professional — both at ICICI Bank and IDFC First Bank in Mumbai — focusing on banking regulation, including governance, risk management, prudential reporting, risk-based supervision and digital banking. “The latest appointment comes as Paytm continues to strengthen its team as a part of its commitment to driving financial inclusion in India,” the company said in a statement.
Shares of the company were down 4% on Monday at Rs 599. Earlier this month, Paytm founder Vijay Shekhar Sharma in a letter to shareholders, said that the company should be achieving break-even way ahead of estimates by most analysts and without compromising on any of its growth plans.

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