"Manian wanted to pursue other opportunities in the financial sector. the timing made things a little difficult. He was with the company for a very long time," Ashok Vaswani, MD and CEO of Kotak Mahindra Bank said.
Reserve Bank of India (RBI) has issued order restraining payments by companies through intermediaries to non-card accepting recipients for violation of section 4 of Payment and Settlement Systems (PSS) Act
RBI said the comprehensive system audit report and subsequent compliance validation report of the external auditors revealed persistent "non-compliances" and continued material supervisory concerns in the Paytm bank, warranting further supervisory action., Business News, Times Now
Bajaj Finance informed stock exchanges that the supervisory restrictions will remain in place till the deficiencies observed are made good by the company to the satisfaction of RBI, in terms of issuance of Key Fact statements to the borrowers.