eBay’s online payments provider PayPal has appointed Vikram Narayan at the Country Manager and managing director of its India operations, reports The Hindu. This appointment happened about three months back.
The company told the publication that Narayan will be focusing on educating Indian merchants about the potential growth opportunities in the global e-commerce marketplace and developing partnerships to bring the “right portfolio of customers” to PayPal’s network. He will also be involved in developing localized products.
Prior to this appointment, Narayan was the CEO and country manager of Experian Services India for more than six years. He’s also worked at GE Commercial Finance, Transamerica Commercial Finance Corporation and Apple Finance Limited.
New recruits for Paypal India: Last week, eBay Inc also informed that it has hired around 100 graduates, largely from tier 1 Engineering colleges like IIT. Of this, a majority will apparently work at PayPal’s India Development Center and the remaining will work at eBay’s product development center in Bangalore and Chennai.
PayPal’s troubled past in India
One of the biggest challenges for Narayan in this new role will be managing Paypal’s tumultuous relationship with the Reserve Bank of India.
Remember that RBI had initially placed stringent restrictions on PayPal in 2011 and has been slowly relaxing these restrictions. It increased the transaction value limit to $3000 per transaction in October 2011 and later to $10,000 per transaction in July last year. PayPal had also received an approval for domestic payments in India in October 2012.
PayPal vs RBI:
– PayPal & Online Payment Gateways Allowed $10,000 Per Transaction By RBI
– PayPal Increases Receiving Limit In India To $3000 Per Transaction
– PayPal Forces Auto Withdrawal On Indian Users
– PayPal Now Requires Purpose Code, PAN & Bank Account Details From Indian Users
– PayPal Issue: The RBI Notification Applicable To Online Payment Gateways
– PayPal Restricts Payments To India, Bars Purchases; Why They’re Right
– Updated: PayPal Resumes Electronic Payments To India; Can’t Be Re-Used For Making Payments
– PayPal Needs To Comply With RBI Regulations By April 30th, 2010
– PayPal Payments In India Will Require ‘Purpose Code’; Still No P2P
– PayPal To Resume India Payments By 3rd March; Export Code Needed
– Updated: eBay’s PayPal Disallows P2P Payments, Transfers To Local Banks