Bengaluru: One97 Communications Ltd (OCL), the parent entity of fintech firm Paytm, is strengthening its senior management.

It has roped in Srinivas Yanamandra as the group head for regulatory affairs and policy.

Yanamandra joins the Noida-based financial services company from the New Development Bank in Shanghai, where he served as chief of the compliance division.

Yanamandra has also worked with ICICI Bank and IDFC First Bank, focusing on aspects of banking regulation, governance, prudential reporting and risk management.

As part of his new role, Yanamandra will also ensure that Paytm, its subsidiaries and affiliates continue to build improved systems for compliance.

ET was the first to report on March 29 that Paytm had roped in Anuj Mittal as vice-president of its investor relations division, in a bid to bolster its engagement with public-market analysts and investors, amid a slump in its stock price.

Paytm founder Vijay Shekhar Sharma said in a statement that Yanamandra’s expertise in the financial industry will further contribute to the rapidly growing Paytm ecosystem.

Paytm shares fell about 4.3% to close at around Rs 599 apiece on the BSE on Monday.

“Paytm’s contribution to the Indian fintech landscape is exemplary, augmented by the business-friendly regulatory developments in the country. I’m excited to make my contribution in fuelling the company’s journey further as it continues to achieve new milestones,” Yanamandra said.

Last month, the Reserve Bank of India (RBI) barred Paytm Payments Bank (PPB) from adding new users. The following week ET reported that the central bank would set the terms of reference for an independent technology audit at the bank.

Currently, Sharma owns 51% in the bank, while the rest is held by the listed entity.

This month, OCL filed its updated shareholding with Indian stock exchanges, in which it said that foreign portfolio investors had reduced their stake in the company to 4.42% as of March 31, from 9.36% in the quarter ended December 31.

Retail investors, it informed the stock exchanges, increased their stake to 7.72% from 3.49% in the same period, while Canada Pension Plan Investment Board (CPPIB) increased its stake to 1.71% from 1.57% previously.

While announcing its results for the quarter ended March 31, Paytm said it had disbursed 6.5 million loans aggregating to Rs 3,553 crore (or about $474 million).

In the fiscal third quarter, Paytm had recorded 4.4 million loan disbursals on the platform. In addition, it processed a merchant payments volume of Rs 2.59 lakh crore (or $34.5 billion) in the fourth quarter, the company said.

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