PhonePe has expanded its board by appointing three new members in a bid to strengthen governance. The Walmart-owned mobile payments major has appointed former revenue secretary Tarun Bajaj, as an independent director on the board and chairman of the risk committee.
A 1988-IAS batch officer from the Haryana cadre, Bajaj served as the revenue secretary until November 2022.
It also announced the appointment of John D Rainey (Executive Vice President and Chief Financial Officer, Walmart Inc.) and Donna Morris (Executive Vice President, Chief People Officer, Walmart Inc.) on the PhonePe Board as Non-executive Directors.
With this, the PhonePe board now has eight members. The existing members include founders Sameer Nigam and Rahul Chari, Flipkart co-founder Binny Bansal, Rohit Bhagat, and Walmart's Leigh Douglas Hopkins.
PhonePe's moves come at a time when rival Paytm's Paytm Payment Bank has come under the Reserve Bank of India (RBI) scanner for regulatory and compliance issues.
PhonePe has the largest market share for UPI in India. It has been expanding its business to stock broking, lending, wealth management, and ecommerce.
(Edited by : Ajay Vaishnav)
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