{"id":39550,"date":"2022-05-02T16:44:31","date_gmt":"2022-05-02T11:14:31","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-fino-paytech\/"},"modified":"2022-05-02T16:47:58","modified_gmt":"2022-05-02T11:17:58","slug":"biz-fino-paytech","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-fino-paytech\/","title":{"rendered":"Fino Payments Bank holdco says changes in board composition due to policy decision"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-868391054\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, May 2 (PTI) After Fino Payments Bank shareholders rejected a proposal to reappoint two independent directors, the parent firm Fino Paytech on Monday said the changes in the board composition are on account of a &#8220;policy decision on the reappointment&#8221;.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-259180585\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> Fino Payments Bank on April 30 had said that its shareholders rejected the proposals to increase the authorised share capital of the bank and alteration of capital clause of Memorandum of Association (MoA); as well as the reappointment of independent directors Mahendra Kumar Chouhan and Punita Kumar Sinha.<\/p>\n<p> Shareholders also rejected the proposal on the amendment in Fino Payments Bank -Employee Stock Option Policy, 2020.<\/p>\n<p> &#8220;There is speculation in the media over the reasons for the recent changes in the board composition of Fino Payments Bank. Fino Paytech, the holdco of the payments bank, wishes to clarify that these changes are only on account of a policy decision on the reappointment of independent directors,&#8221; Fino Paytech said in a statement.<\/p><div class=\"trade-content_5\" id=\"trade-23709166\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> In order to introduce fresh talent and experience to meet the evolving challenges of the market, the board of Fino Paytech decided to limit the tenure of independent directors to one term, it said.<\/p>\n<p> &#8220;This policy decision is applicable to all companies in the group. We thank the outgoing directors for their contribution,&#8221; it added.<\/p>\n<p> Fino Paytech is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others. The lender enjoyed a 55 per cent market share in micro-ATMs in FY21.<\/p>\n<p> The Mumbai-based fintech operates on an asset-light business model that principally relies on fee and commission-based income generated from merchant network and strategic commercial relationships.<\/p>\n<p> Fino Payments Bank shares rose by 2.21 per cent to settle at Rs 305 apiece on BSE. PTI KPM  MR<\/p>\n<div class=\"trade-after-content\" id=\"trade-225840633\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, May 2 (PTI) After Fino Payments Bank shareholders rejected a proposal to reappoint two independent directors, the parent firm Fino Paytech on Monday said the changes in the board composition are on account of a &#8220;policy decision on the reappointment&#8221;. Fino Payments Bank on April 30 had said that its shareholders rejected the [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-39550","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fino Payments Bank holdco says changes in board composition due to policy decision - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-fino-paytech\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fino Payments Bank holdco says changes in board composition due to policy decision\" \/>\n<meta property=\"og:description\" content=\"New Delhi, May 2 (PTI) After Fino Payments Bank shareholders rejected a proposal to reappoint two independent directors, the parent firm Fino Paytech on Monday said the changes in the board composition are on account of a &#8220;policy decision on the reappointment&#8221;. 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