APRIL 20248TOP STORIESANUJ BANSAL APPOINTED AS CFO OF AIRTEL PAYMENTS BANKAirtel Payments Bank has appointed Anuj Bansal as its chief financial officer, bringing his extensive financial services experience. Before joining Airtel Payments Bank, Bansal served as the vice president for financial planning & analysis at MasterCard India.In his new role, Bansal will oversee the overall financial strategy of Airtel Payments Bank, including corporate financial planning, budgeting, supply chain, and treasury management. He will be a key member of the bank's executive committee and closely collaborate with Anubrata Biswas, managing director and CEO of Airtel Payments Bank.Commenting on Bansal's appointment, Biswas highlighted the bank's commitment to expanding its talent pool and leveraging diverse expertise. He emphasized Bansal's wealth of experience across various industries, which will further strengthen Airtel Payments Bank's position in India.Bansal's achievements include being named among the 'Top 100 finance professionals' in India by CFO India in December 2020. With over 23 years of experience in financial services and other sectors, such as automobiles, Bansal brings a valuable perspective to his new role.Before joining Airtel Payments Bank, Bansal held positions at Max New York Life Insurance (now Max Life), Aviva Life Insurance Co. India Royal Enfield (Unit of Eicher Motors), and other esteemed companies. His diverse background and expertise make him valuable to the Airtel Payments Bank leadership team. JP Morgan has reportedly provided Oyo with a credit facility worth Rs 200 crore, according to sources familiar with the matter. The main purpose behind this credit line is to support the expansion of Oyo's Accelerator Program. However, both Oyo and JP Morgan declined to comment on the development.Oyo launched its Accelerator Program in March last year with the goal of assisting 50 first-generation hoteliers. This initiative aims to empower hotel owners to expand their portfolios, especially as travel demand increases in business and leisure cities.Currently, Oyo's Accelerator Program supports over 700 hotels and more than 85 small and first-generation hoteliers nationwide. Eligible participants must own more than five operational hotels.Under this programme, Oyo provides mentorship, technology access, relationship managers, financial assistance, and access to its extensive network of corporate accounts and travel agents to enhance business opportunities for hotel owners.Ritesh Agarwal, founder of Oyo, recently informed employees that the company's profit after tax (PAT) doubled sequentially in the third quarter of the fiscal year 2024, reaching Rs 30 crore. This follows the company's achievement of its first profitable quarter with a PAT exceeding Rs 16 crore in the second quarter of the fiscal year. JP MORGAN EXTENDS RS.200 CRORE IN CREDIT TO OYO'S ACCELERATOR PROGRAM
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