Paytm has reported losses after the Reserve Bank of India ordered the company to shut down its payments banking unit in January. | Photo: Reuters
Indian digital payments company Paytm on Wednesday proposed capping the salaries of its independent non-executive directors as it seeks to save costs amid mounting 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 statement, adding that the reduced pay came into effect in April.
Previously, a non-executive independent director earned up to Rs 20.7 crore a year, he said.
Paytm reported losses after the Reserve Bank of India ordered the company to shut down its payments banking unit in January.
The company said in July it planned to save Rs 400-500 crore in employee costs annually and expected its revenue and profitability to improve in the future.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 21, 2024 | 11:12 PM IS
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