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PayU India gets approval to function as BBPU under the Bharat Bill Payment System (BBPS)
MUMBAI: The Reserve Bank of India has given PayU in-principal approval to set up and operate Bharat Bill Payment System (BBPS). PayU has been listed amongst the first non-bank entity that has been grated this license out of the total of 62 non-bank entities that applied for the said license. BBPS is an is an integrated bill payment system in India, offering interoperable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment. Consumers will be the ones who will get the maximum benefit out of this as they will be able to pay their bills anytime and anywhere in India.
Underlining the significance of the BBPS for the payments ecosystem in India, PayU India co founder and COO Shailaz Nag commented, “PayU is very hopeful about the prospects of BBPS. With BBPS, customers would be presented with the opportunity of easy bill payments for almost all Billers in the country. PayU would ensure that the most convenient and best in class user experience is delivered to its customers, thus encouraging more people to transact online. With the provisions of BBPS, PayU believes more serious players will apply for authorization to work as BBPOU with RBI. Further admittance of prominent industry players in the business will only enhance the country’s payment ecosystem”.
The BBPS license gives a big boost to PayU India’s efforts to create a meaningful difference in the payment ecosystem and strengthen its position as the leader in the utility bill payments segment. The idea is to offer efficient and cost-effective alternative to the existing payment systems and enhance consumer confidence and experience. PayU’s seamless technology coupled with the recent BBPS license will help PayU India to get one step closer to achieve its mission of “Simplifying payments and financial services for everyone”.
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YES Bank appoints S Anantharaman as chief risk officer
Former Jio Financial Services group chief risk officer takes charge of enterprise-wide risk at the embattled private lender
MUMBAI: YES Bank is not taking chances with risk anymore. The private lender has appointed S Anantharaman as its chief risk officer, a hire that signals the bank’s continued effort to rebuild credibility and tighten the controls that once famously slipped.
Anantharaman arrives from Jio Financial Services, where he served as group chief risk officer and built a risk management architecture spanning lending, payments, insurance broking and asset management from the ground up. Before that, he held the chief risk officer role at Bank of Baroda and senior leadership positions at HDFC Bank and L&T Finance Holdings. Three decades in banking and financial services, in other words, with scars and qualifications to match. He is a chartered accountant and a CFA charterholder.
At YES Bank, his brief is considerable. Anantharaman will oversee the bank’s entire enterprise-wide risk framework, covering credit policy, market risk, operational risk, information security, data governance, analytics, model governance and data privacy. It is, in short, every lever that matters when a bank is trying to prove it has grown up.
YES Bank’s turbulent past needs little rehearsing. What it needs now is exactly what Anantharaman has spent thirty years building: the kind of risk culture that stops problems before they become headlines. The appointment suggests the bank knows it.
