Paytm proposes to cap salaries for certain board members to save costs

Indian digital payments firm Paytm on Wednesday proposed to cap salaries of its non-executive independent directors, as it looks to save costs amid widening losses.

Paytm's independent board members will earn a maximum annual compensation of up to Rs 48 lakh ($57,228), the company said in a release, adding the reduced pay came into effect in April.

Previously, a non-executive independent director earned as much as 20.7 million rupees a year, it said.

Paytm has reported losses after the Reserve Bank of India ordered the company to wind down its payments banking unit in January.

The company said in July it planned to save between 400 and 500 crore rupees in employee costs annually and expected its revenue and profitability to improve going forward.