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Tata Sons restores salaries, to greenlight pay hike soon
NEW DELHI: Salt-to-software conglomerate Tata Group's holding company Tata Sons has restored staff salaries across several operating entities and will likely announce pay increases in 2021. This comes after almost a year of top executives taking an estimated 20 per cent pay cut to hold down costs through the Covid-induced economic downturn.
TCS, Voltas, Tata Consumer, Titan, Tata Motors, Tata Chemicals, Tata Power, Tata Steel, Trent, and TataCapital are among the group blue-chip entities that have already announced pay increases and staff bonuses. Top group officials said they are optimistic about India's growth story, with the country likely regaining its position as the world’s fastest-expanding major economy.
Compensation of top management executives is being restored by the end of this month and pay increases are being finalised across group companies.
Tata Sons director Bhaskar Bhat told the Economic Times (ET) that there is optimism about business prospects in the country.
"Businesses in smaller towns are roaring and I am very optimistic about the Indian consumer,” Bhat said. “The wheels of growth are driven by the consumer. The group focused on protecting its employees last year and kept costs in check. Going ahead, profits will be driven by business growth too."
According to media reports citing highly placed sources within the company, significant cost compressions such as electricity, security, and food costs have gone straight to the bottom line. Reports further stated that monthly business disbursements are back to similar or higher levels than last year.
"Our employees have shown great resilience and commitment toward their roles despite health concerns and we find it appropriate to acknowledge and reward their contribution to growth," a Tata Capital spokesperson told ET.
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Rakesh Menon joins Paytm as avp – lending
Fintech product leader takes on new role after building digital lending, payments and credit products across fintech ecosystem
MUMBAI: Rakesh Menon has joined Paytm as assistant vice president – lending, taking on a new role focused on strengthening the company’s lending and credit products.
Prior to this, Menon worked at Profectus Capital Pvt Ltd as chief manager – payments based financing and digital lending.
At Profectus, he designed and launched digital credit products for merchants with variable cash flows, including overdraft-linked and revenue-share lending models. He led end-to-end LOS–LMS API integrations with payment partners and aggregators, enabling real-time underwriting, disbursal and repayment workflows.
He also worked on funnel optimisation initiatives using journey analytics, improving onboarding, KYC and disbursal conversion by 35 per cent. He developed ecosystem partnerships for transaction-data-based credit assessment and automated settlement systems, and collaborated with credit and data science teams to strengthen risk models and early delinquency detection.
Menon standardised partner onboarding and API frameworks, reducing go-live timelines by 40 per cent and improving digital scalability.
Before Profectus Capital, he worked at PayU as senior manager – presales lead – enterprise business from August 2022 to August 2023. He set up a national presales function for fintech and digital commerce clients, aligning solutions such as EMI, BNPL, BBPS and offer engines to merchant requirements.
He also helped improve conversion rates by around 15 per cent through merchant persona mapping, demo frameworks and structured sales playbooks, working closely with product and go-to-market teams.
From April 2019 to July 2022, Menon served as business unit head – SMB – direct acquisitions at Worldline, where he built the SMB online payments vertical from scratch. The business scaled to Rs 2,500 crore in annual transaction volume, growing at 45 per cent year-on-year.
During this period, he introduced paperless onboarding processes including eKYC and eSign, developed partner dashboards and CRM automation systems, and integrated platforms such as Shopify, WooCommerce and Tally to expand merchant adoption.
Across roles, Menon has worked across digital lending, payments and merchant financing, with experience in product development, ecosystem partnerships, API integrations and fintech-led growth strategies.
At Paytm, he will focus on scaling lending products and strengthening digital credit infrastructure within the company’s financial services ecosystem.
His appointment comes as fintech firms continue to expand their lending and embedded finance offerings in a competitive market.
