Paytm proposes to cap salaries for certain board members to save costs

Indian digital payments firm Paytm on Wednesday proposed to cap salaries of its non-executive independent directors, as it looks to save costs amid widening losses.

Paytm’s independent board members will earn a maximum annual compensation of up to Rs 48 lakh ($57,228), the company said in a release, adding the reduced pay came into effect in April.

Previously, a non-executive independent director earned as much as 20.7 million rupees a year, it said.