| | NOVEMBER, 20249TECH MINTAccording to reports, in a move that is expected to come as a relief to Paytm, the National Payments Corporation of India (NPCI) has approved the company to onboard new UPI users, subject to observance to all procedural guidelines and circulars.According to the company, they would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has approved for the company to onboard new UPI users, with adherence to all NPCI procedural guidelines and circulars.Reports suggest that the permission is subject to adherence to all NPCI procedural guidelines and circulars issued from time to time, including policies and circulars issued specifically on risk management, brand guidelines for app and QR, multi-bank guidelines, TPAP Market share, and customer data.The company must also comply with the requirements outlined in the tripartite agreement with NPCI and PSP Bank.The letter by NPCI addresses to Vijay Shekhar Sharma, founder and CEO of One97 Communications goes like this, "Adhere to all laws and regulatory guidelines as applicable and issued from time to time including Payments and Settlement Act 2007, Information Technology Act, 2000, Digital Personal Data Protection Act, 2023 and circular on Storage of Payment System Data, 2018."NPCI noted that while allowing One97 Communications Private Limited (OCL) to onboard new users to its UPI app, it has received a letter dated August 1, 2024, from the company seeking approval to onboard new users to the Paytm app, which was suspended under the RBI's directions dated January 31, 2024, and February 16, 2024."Upon examination of your request, we hereby accord our approval and permit One97 Communications Private Limited (OCL) to onboard new users on their UPI application," the Paytm filing says. The Reserve Bank of India (RBI) has approved the appointment of Partha Pratim Sengupta as the new managing director (MD) and chief executive officer (CEO) of Bandhan Bank.The former chief of Indian Overseas Bank will assume his role for a three-year term, with his transition expected no later than November 10 this year, Bandhan Bank."Based on the recommendation of the board of directors of Bandhan Bank, the Reserve Bank of India (RBI), vide its letter dated October 08, 2024, has granted its prior approval for the appointment of Partha Pratim Sengupta as MD & CEO of the bank, for three years with effect from the date of taking charge, which shall not be later than November 10, 2024," the bank says.The Nominating and Compensation Committee and the Board of Directors will review and approve the proposal for Partha's appointment.Partha succeeds founder Chandra Sekhar Ghosh, MD and CEO, who retired on July 9. Ratan Kesh, one of the executive directors, serves as interim MD and CEO.Partha's term of office will be for three years and he will take office by November 10, 2024 With nearly 40 years of experience in the banking industry, Partha is a seasoned professional who has worked in various regions in both retail and corporate banking.He started his career with State Bank of India (SBI) and rose to the position of Vice President and Chief Credit Officer (CCRO). Most recently, he served as MD and CEO of Indian Overseas Bank until December 2022.Partha's term of office will be for three years and he will take office by November 10, 2024. The appointment will be formalized after approval by the bank's Nominating and Compensation Committee.The company's quick-commerce vertical Blinkit and its business-to-business (b2B) groceries supply segment Hyperpure were the main drivers of its first-quarter sales growth. PAYTM GETS APPROVAL FROM NPCI TO ONBOARD NEW UPI USERSRBI APPROVES THE APPOINTMENT OF PARTHA PRATIM SENGUPTA AS THE MD & CEO OF BANDHAN BANK
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