 "Vijay Shekhar Sharma, Founder, Chairman & CEO - One97 Communications (Paytm), BFSI Summit")
The situation at Paytm Payments Bank has heightened the urgency to onboard top-flight information technology (IT) personnel in the financial services space.
The Reserve Bank of India’s (RBI’s) master direction issued on November 7 last year said that regulated entities — banks, non-banking financial companies, including financial technology companies — must establish a board-level IT strategy committee (ITSC) with a minimum of three directors as members. The chairperson is required to be an independent director with “substantial IT expertise” in managing/guiding IT initiatives, and other members must be “technically competent”.
Mint Road’s directive to establish ITSC takes effect from April
