Rajnish Kumar, former prolocutor of State Bank of India (SBI), has joined the board of Fintech interest BharatPe as its Chairman. Kumar’s experience across India’s pocket sector will be an priceless addition to the board of BharatPe.
Kumar will manager the BharatPe platoon during transition into small finance bank. He’ll also be involved in defining the interest’s short- term and long- term strategy.
In just 3 spells, BharatPe has come a long way in running a trusted name in the pecuniary services sedulity. It has reviewed payments with its products like interoperable QR and has also cropped as the largest B2B lender in the sedulity. This company has a huge room ahead and it would be great to work closely with its youngish and talented party to piece pecuniary services for the India of hereafter,”Kumar said.
Observing on the appointment, Ashneer Grover,Co-Founder and Managing Director, BharatPe said, “ It’s a matter of great proof 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 inestimable guidance from Rajnish Kumar as we make India’s largest digital credit provider. We’re confident that under his fit guidance, BharatPe will attain newer heights and make 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 monster HSBC’s Hong Kong-headquartered Asia unit.
Kumar was also appointed as the aging consigliere by Baring Private Equity Asia and an consigliere to Kotak Investment Consiglieri.
Meanwhile, BharatPe has new trumpeted its raid into the’ Buy Now Pay Thereafter’ (BNPL) type with’postpe’and said it aims to unclog a loan book of USD 300 million ( about ₹ crore) via postpe in the first 12 months for its lending spouses.
Punters can download the’postpe’app from Play Store and utility 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- advised with digital paymentmodes.there is no monthly charge or deal charges on payments done via postpe app or postpe card,”a statement said.
BharatPe aims to grease a loan book of$ 300 million on postpe in the first 12 months for its lending consorts, itadded.postpe is Global Backer of ICC T20 World Cup to be held in Dubai this day.
BharatPe, which had raised$ 370 million in fosterage ( including secondary ingredient) 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 Mates and Sequoia Growth.