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Bharat Panchal, Sanjay Saxena quit National Payments Corp

While Panchal has joined payments technology company FIS Global as its chief risk officer in charge of India, Middle East and Africa, Saxena has joined Paytm Payments Bank as its chief financial officer.

, ET Bureau|
Oct 15, 2019, 08.38 AM IST
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In February, NPCI had hired two executives--Praveena Rai from Kotak Mahindra Bank and Arif Khan from Razorpay as its chief operating officer and chief digital officer, respectively.

Bengaluru: Two top executives of National Payments Corporation of India (NPCI)-- chief of risk Bharat Panchal and chief financial officer Sanjay Saxena--have resigned from their positions, according to three people aware of the development.

Panchal left Reserve Bank of India-created NPCI last week and Saxena quit the retail payments body a week before that, the people cited earlier told ET.

While Panchal has joined payments technology company FIS Global as its chief risk officer in charge of India, Middle East and Africa, Saxena has joined Paytm Payments Bank as its chief financial officer.

“As per NPCI’s organisational structure, chief of risk and CISO (chief information security officer) report to chief risk officer (CRO). Bharat Panchal was the chief of risk who has left NPCI to pursue other opportunities,” said Dilip Asbe, chief executive officer, NPCI. “NPCI is in the process of hiring chief risk officer.”

Commenting on the appointment of Saxena, a Paytm spokesperson clarified that he has joined as a senior vice president and chief financial officer at Paytm Payments Bank. Saxena will be reporting to the top executive at Paytm Payments Bank Satish Kumar Gupta, who incidentally was also with NPCI before joining the bank.

FIS Global confirmed the appointment.

Recently, Paytm appointed Vikas Garg as its deputy chief financial officer. Madhur Deora who was its erstwhile CFO was elevated as the President with a much larger mandate. Paytm Payments Bank and Paytm are two separate entities which counts One97 Communications as its owner.

As per the profile shared on social media platform LinkedIn, Saxena has worked extensively in the space of financial advisory and services since 2000. He has worked with the World Health Organisation and the United Nations. Prior to joining NPCI, he was the general manager in charge of financial management at UIDAI (Unique Identification Authority of India).

Panchal, on the other hand, was senior vice-president and head of risk management and compliance at NPCI. Before joining NPCI, Panchal had worked with Kotak Mahindra Bank as a vice-president and assistant vice-president at Citi Technology Services.

In February, NPCI had hired two executives--Praveena Rai from Kotak Mahindra Bank and Arif Khan from Razorpay as its chief operating officer and chief digital officer, respectively.

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