Strengthening its advisory board, digital payments giant Paytm has appointed Rama Subramaniam Gandhi, retired deputy governor of the Reserve Bank of India (RBI), as an advisor.
Commenting on the development, Vijay Shekhar Sharma, Founder and CEO, Paytm said, “We are truly honoured to welcome Rama Subramaniam Gandhi, a distinguished and seasoned leader, as a guide and mentor to Paytm. Since the beginning of our journey, we have focused on building an organisation that has the culture and the resources of serving our customers responsibly.”
In his new role at Paytm, Gandhi will bring his years of knowledge and experience in payment systems, regulations, compliance, and corporate governance.
On his new role, Rama Subramaniam Gandhi said, “I am delighted to join Paytm as an advisor in its journey to bring digital and financial inclusion to half a billion Indians. I have dedicated my whole life to formulate policy and strengthen institutions in the financial services space. I will be happy to share my insights and guide Paytm in the creation of innovative financial services.”
Prior to becoming the RBI deputy governor, Gandhi was a central banker. He was a member of the first Monetary Policy Committee of India.
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He did a three-year secondment at the Securities and Exchange Board of India (SEBI) and was the head of two regional offices of the RBI. He also held the charge as the director of the Institute for Development and Research in Banking Technology (IDRBT), Hyderabad.
Gandhi has over three decades of experience in banking with cross-functional exposure in technology, payment systems, capital markets, securities, forex, money market, and international banking, among others.
Besides holding strategic roles in the RBI, he had also piloted several innovative projects on IT, payment systems, financial literacy, financial inclusion, and other developmental initiatives.
Recently, Gandhi was also appointed as an independent director to the board of directors of Electronic Payment Services on June 1, 2018.
The appointment comes at a time when Paytm is strengthening its foothold across India.
With an annualised gross transaction value (GTV) of $20 Bn (INR 1.3 Lakh Cr) (as of March 2018) and valued at $10 Bn (as of January 2018), Paytm is one of the most promising startups in the country.
Earlier, Inc42 had reported that the company was ready to amplify its game to the next level with plans to invest over $745.16 Mn (INR 5,000 Cr) in its core business. It plans to increase the number of transactions carried out on its app from 1 Bn to 2 Bn this year.
The digital payments giant has been continuously expanding its product portfolio and recently added My Payments and Tap Card to enable offline payments. It has also introduced a new version of the Paytm app to personalise the app experience for the user, showcasing frequent use cases in a customised view.
At a time when WhatsApp is expected to soon roll out its payments service for its user base of 200 Mn Indians, Paytm can definitely use advisory and support from experienced people like Rama Subramaniam Gandhi.