Abhaya Prasad Hota and Mohan Tanksale join PayNearby’s Board as Independent Directors  

• Abhaya Prasad Hota is the former MD & CEO, National Payments Corporation of India (NPCI) and former in-charge of DPSS in Reserve Bank of India

• Mohan Tanksale is the ex-CEO of Indian Banks’ Association and ex-CMD of Central Bank of India

by Suman Gupta

Mumbai,April, 2021: PayNearby, India’s largest branchless banking network has announced the appointment of Mr. Abhaya Prasad Hota, former MD & CEO, National Payments Corporation of India (NPCI) and former in-charge of DPSS in Reserve Bank of India and Mr. Mohan Tanksale, ex-CEO of Indian Banks’ Association and ex-CMD of Central Bank of India to the company’s Board of Directors. The new appointments are in line with PayNearby’s vision to create a strong governance at its core while accelerating to the next phase of growth. Mr. Hota and Mr. Tanksale will serve as Independent Directors to further strengthen PayNearby’s vision to deepen financial inclusion and democratize digital payments in the country.

The new board appointments bring with them a rich mine of thought leadership in the field of digital payments, financial inclusion and banking and have been instrumental in revolutionizing digital payments and digital banking in the country. Their experience and demonstrated expertise will help create a unique culture within the organization and empower teams to innovate with passion and purpose every day, as it works towards making a digitally strong and financially empowered India.

Speaking on the occasion, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “It’s a momentous occasion for PayNearby to welcome Mr. A. P. Hota and Mr. Mohan Tanksale on our board. Their guidance in the form of independent directors will help us establish stronger governance as we move to the next phase of growth and scale. Their decades of work and commitment to the cause of financial inclusion and democratizing digital payments will lend valuable guidance in our journey. The ‘Digital India’ agenda of bringing high-end technology to the bottom of the pyramid has been exemplified and powered by these two stalwarts. We are certain that they will guide us on an orbit-shifting path towards bringing financial liberation for the country at a much accelerated pace than before. We are privileged to be able to call on the experience of Mr. Hota and Mr. Tanksale.”

Commenting on the appointment, Mr. A. P. Hota said, “I am delighted to be a part of the PayNearby family, which has been pioneering financial inclusion through their expansive retail network and stable technology architecture. I hope to help catalyse their growth and forward-looking vision in a strategic manner while working with like-minded people and focusing on driving last-mile connectivity for digital payments.”

Mr. Mohan Tanksale said, “It is an exciting time in PayNearby’s journey. The company is well positioned to move to the next stage of expansion, where it is able to financially empower the lives of every unserved Indian. I feel privileged to join the PayNearby team as an independent board director. PayNearby has dedicated itself to bringing affordable financial services to the bottom of the pyramid and I hope to do my best to guide them and take PayNearby to greater heights while fast-tracking inclusive growth.”

About PayNearby: Incepted in April 2016, PayNearby is a fintech company offering financial/non-financial services to the underbanked and unbanked segment. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India. Retailer services are focused on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.

It was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha who bring with them rich experience in the field of banking, payments and other financial sectors. PayNearby is a DIPP-certified FinTech startup, partnering with various financial institutions including YES Bank, RBL Bank, ICICI Bank, State Bank of India, Axis Bank, CC Avenue, Bill Desk, NPCI, FASTag, NBFC and FMCG companies. It is the sole technology provider using Aadhaar Enabled Payment Services (AEPS) and IMPS to YES Bank, making them one of the only two fintech companies hosted by the National Payments Corporation of India (NPCI).