Rajnish Kumar, former chair of State Bank of India (SBI), has joined the board of Fintech business BharatPe as its Chairman. Kumar’s experience across India’s dollars-and-cents sector will be an inestimable addition to the board of BharatPe Kumar will adviser the BharatPe army during transition into small finance bank. He’ll also be involved in defining the business’s short- term and long- term strategy.
In just 3 vintages, BharatPe has come a long way in waxing a trusted name in the pocket services sedulousness. It has reweighed payments with its products like interoperable QR and has also surfaced as the largest B2B lender in the sedulousness. This company has a huge shot ahead and it would be great to work closely with its youthful and talented squad to rear pocket services for the India of offing,”Kumar said.
Remarking on the appointment, Ashneer Grover,Co-Founder and Managing Director, BharatPe said, “ It’s a matter of great witness and pride for us that one of the biggest stalwarts of the Indian Banking Industry has agreed to join BharatPe as the Chairman of the Board. We look forward to priceless guidance from Rajnish Kumar as we rear India’s largest digital credit provider. We’re confident that under his suitable guidance, BharatPe will attain newer heights and rear the best-in- class Fintech for the new India.”
Kumar, who retired from the country’s largest lender after four decades of service in October 2020, was anteriorly appointed as anon-executive director for banking dinosaur HSBC’s Hong Kong-headquartered Asia unit Kumar was also appointed as the ancient consigliere by Baring Private Equity Asia and an consigliere to Kotak Investment Consiglieri Meanwhile, BharatPe has new blared its descent into the’ Buy Now Pay Thereafter’ (BNPL) class with’postpe’and said it aims to ease a loan book of USD 300 million ( about ₹ crore) via postpe in the first 12 months for its lending consorts.
Accounts can download the’postpe’app from Play Store and account interest-free credit limit of up to ₹ 10 lakh. The product can also be used formicro-purchases postpe is designed for the new- age clients who believe in shopping smart and are also well- cleared with digital paymentmodes.there is no recurrent freight or trade charges on payments done via postpe app or postpe card,”a statement said.
BharatPe aims to smooth a loan book of$ 300 million on postpe in the first 12 months for its lending mates, it added postpe is Global Backer of ICC T20 World Cup to be held in Dubai this day BharatPe, which had raised$ 370 million in subsidy ( including secondary constituent) in August 2021 at a valuation of$2.85 billion, is backed by investors like Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Insight Consorts and Sequoia Growth.