Paytm plots revised Salary structure for Board members
Paytm has proposed a revised compensation structure for its Non-Executive Independent Directors, a move that demonstrates its focus on fiscal responsibility. The new framework will take effect on April 1, 2024, and the annual salary will be reduced to 48 lakh, with a fixed component of 20 lakh.
The remaining amount will be depending on things like attendance at meetings and leadership positions in the various committees of the board. In the past, directors like Ashit Ranjit Lilani were paid 1.65 crore rupees annually, while Gopalasamudram Srinivasaraghavan Sundararajan was paid 2.07 crore rupees.
The new remuneration structure is based on industry benchmarking, taking into account governance practices and the market capitalization of comparable businesses, according to the company’s exchange filing.
Paytm is seeking shareholder approval for Rajeev Krishnamuralilal Agarwal’s appointment to its board of directors, in addition to the proposed remuneration adjustments. In addition, Sharma emphasized Paytm’s strategic push to incorporate artificial intelligence (AI) into its operations and its renewed focus on its core business, believing that “AI will be as instrumental in advancing India as the mobile/smartphone revolution has been.”
He said that Paytm will build AI-first products to help small merchants and microbusinesses by leveraging AI-led cost savings. This will keep the company at the forefront of technological innovation while keeping its finances in check.
Recently Paytm has introduced India's first 'Paytm NFC Card Soundbox' which is India’s first of its kind soundbox. Paytm has announced that the payment device can connect Near Field Communication (NFC) technology with mobile QR payments.
This sound box will serve as card payment machine and receipt announcer, which can be a great solution for accepting digital payments for millions of merchants in our country. It has made a significant improvement in mobile payments, democratizing access to secure NFC card-reading technology for small shops.
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