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Fintech powerhouse Angel One snaps up Walmart tech guru in C-suite shuffle
MUMBAI: Angel One Ltd has poached tech heavyweight Rohit Chatter as its new chief data officer, while bidding farewell to outgoing data chief Deepak Chandani.
Chatter, fresh from his gig as chief software architect at Walmart Global Tech, will take the reins with immediate effect, as Chandani prepares to clear his desk by April end.
The well-timed appointment sees Angel One doubling down on its AI ambitions, with chairman Dinesh Thakkar making no bones about the company’s lofty aspirations.
“We’re not just embracing the future of finTech—we’re building it,” he declared with characteristic swagger. “Data is the foundation of this revolution and Rohit’s unparalleled expertise in AI, cloud platforms and data science will be a game-changer in redefining digital investing. With his leadership, we will push the boundaries of innovation, deliver hyper-personalized experiences and empower millions with smarter financial solutions.”
Chatter brings nearly three decades of tech wizardry to the table, having cut his teeth at Silicon Valley giants and masterminded large-scale data operations. At Walmart, he was the brains behind their generative AI revolution, while his stint as CTO at InMobi saw him transform their remarketing platform into a cash cow across major markets.
The data boffin’s CV also boasts impressive turns at Yahoo India, where he spearheaded big data initiatives, and various leadership roles at Talisma, IPSoft, TiVo and Alcatel in the US. His tech toolkit includes everything from Oracle databases to Unix systems, alongside programming chops in Perl, Python and Java.
Chatter, who holds a BE in electronics & telecom and an MBA from NMIMS, seems positively gung-ho about his new role.
“Angel One is revolutionizing the financial services industry with its AI-first approach and I am excited to be part of this dynamic team. AI and data science are shaping the future of investing and my focus will be on enhancing Angel One’s platforms with automation, predictive analytics and intelligent insights that empower investors across India. The potential to innovate and scale AI-led financial solutions at Angel One is immense and I look forward to thisjourney,” he enthused, barely containing his excitement at the prospect of unleashing predictive analytics upon India’s investing masses.
For the uninitiated, Angel One stands tall as India’s largest listed retail stock broking house by active NSE clients. The tech-savvy outfit serves over 30 million investors through its digital platforms, including the Angel One Mobile App, the rather clever ‘ARQ Prime’ recommendation engine, and the ‘Smart Money’ educational platform designed to turn investing novices into market maestros.
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Reserve Bank of India cancels Paytm Payments Bank licence
Central bank cites compliance failures; curbs tighten as wind-up looms
MUMBAI: India’s banking watchdog delivered its sharpest blow yet to Paytm Payments Bank, cancelling its licence and effectively ending its ability to operate as a bank under the law.
The Reserve Bank of India said the entity can no longer conduct banking business under the Banking Regulation Act, citing concerns that its affairs were not being run in the interest of depositors or the public and that it had failed to meet licence conditions.
The move escalates a crackdown that has been building for months. The bank had already been barred from onboarding new customers since March 11, 2022, and later faced restrictions on deposits, credit and wallet top-ups. In January 2024, the central bank ordered it to stop accepting fresh deposits, pointing to persistent non-compliance, including lapses in customer due diligence, use of funds and technology systems.
Operationally, the bank is now on a tight leash. It may process withdrawals of existing deposits and facilitate loan referrals through banking correspondents, but it cannot take fresh deposits.
The central bank said it would apply to the high court to wind up the bank.
Paytm sought to ringfence the fallout. In a regulatory filing, it said the licence cancellation applies to Paytm Payments Bank Limited, a separate entity, and should not be attributed to One 97 Communications. It added that there is no exposure or material business arrangement with the bank and that it operates independently, without Paytm’s board or management involvement.
“As informed earlier, Paytm (One 97 Communications Limited) and its services, which have been operating without interruption, will continue to operate uninterrupted. These include the Paytm app, Paytm UPI, Paytm Gold and all other services offered by its subsidiaries and associated companies,” the company said.
The distinction may reassure users of the app ecosystem, but the regulator’s verdict is unequivocal. After years of warnings, caps and curbs, the payments bank experiment at Paytm is being shut down—decisively, and with little room left to manoeuvre.
