Associate Director, Financial Services Compliance

PhonePe Limited (Formerly PhonePe Private Limited) is a technology company that builds digital platforms for Payments, Digital Distribution Services and Financial Services. Headquartered in India, the PhonePe digital payments app was launched in 2016. As of April 2026, PhonePe has over 70 Crore life-till-date registered users and a digital payments acceptance network spread across over 5 Crore merchants. PhonePe’s products and services include Consumer Payments (including Digital Distribution Services), Merchant Payments, Lending and Insurance Distribution services, and New Platforms, which comprise Share.Market (stock broking and mutual funds distribution platform), and Indus Appstore (Android-based mobile app marketplace). Culture:

At PhonePe, we go the extra mile to make sure you can bring your best self to work, Everyday!. And that starts with creating the right environment for you. We empower people and trust them to do the right thing. Here, you own your work from start to finish, right from day one. PhonePe-rs solve complex problems and execute quickly; often building frameworks from scratch. If you’re excited by the idea of building platforms that touch millions, ideating with some of the best minds in the country and executing on your dreams with purpose and speed, join us!

About PhonePe Ethics & Compliance Team

The PhonePe Ethics and Compliance team plays a critical role in the successful execution of the firm's ethical and compliance mission. The Payments Compliance function at PhonePe ensures the development and maintenance of a strong compliance culture within the company by developing and maintaining program infrastructure that identifies, measures, and monitors compliance with applicable laws, regulations, and rules governing our business. Compliance teams work closely with Business, Product, Legal, Tech, Risk, and Audit functions to provide expertise on regulatory compliance matters, assess and measure compliance risks, and monitor and test the adequacy of the firm's compliance environment.

Lines of Business Relevant to This Role

Merchant Solutions

PhonePe offers a comprehensive suite of solutions for its 37 million merchant partners to enable end-to-end control over their entire payment process, including transaction confirmation and reconciliation:

• SmartSpeakers: Provides instant voice payment alerts in noisy environments alongside host operational features.

• PhonePe Payment Gateway (PG): Delivers best-in-class online payment experiences to consumers and digital merchants.

• Point-of-Sale (POS) Devices: Empowers offline merchants to effortlessly accept payments via Debit Cards, Credit Cards, and UPI with seamless settlement processes.

Payments

PhonePe enables users to send and receive money, recharge mobile, FASTag, & DTH, make bill payments (electricity, credit card bills, rent payments, LPG), make donations, and pay for purchases at stores. Users can also pay for financial services such as loan repayments and tax payments.

• Core Payment Products: Prepaid Payment Instruments (Wallet & EGVs), Unified Payments Interface (UPI), and Bharat Bill Pay Operating Unit (BBPOU).

Culture & Challenges at PhonePe

At PhonePe, we empower people and trust them to do the right thing. Here, you own your work from start to finish, right from day one. Building for scale, rapid iterative development, and customer-centric product thinking define every single day. While we engineer for a 500M+ user base with speed, we care utmost for security, stability, regulatory compliance, and automation. If you enjoy building technology that impacts millions and working alongside best-in-class minds with purpose, PhonePe is the right place for you.

Role Overview

We are looking for a highly experienced and strategic compliance leader for the position of Associate Director – Payments Compliance. The ideal candidate will possess deep expertise in regulatory frameworks applicable to Payment System Operators, Payment Aggregators (PA), Prepaid Payment Instruments (PPI), Unified Payments Interface (UPI), Bharat Bill Payment System (BBPS), and broader fintech and banking regulations.

This leadership role requires a proven track record in leading RBI regulatory inspections, managing end-to-end audit preparedness, establishing robust regulatory change management frameworks, and overseeing compliance sign-offs across complex payment products. The candidate will serve as a trusted regulatory advisor to senior leadership, driving a proactive compliance posture across the PhonePe ecosystem.

Key Roles & Responsibilities

1. Regulatory Inspection & Audit Leadership:

   • Lead and manage all regulatory inspections and audits conducted by the Reserve Bank of India (RBI), and other regulatory bodies.

   • Direct data validation, response preparation, and submission of clarifications to regulatory queries, ensuring audit preparedness across all operational and technology processes.

   • Track, remediate, and close out inspection observations and audit findings in coordination with executive leadership and cross-functional stakeholders.

2. Domain Regulatory Expertise (PA, PPI, BBPS,UPI):

   • Subject Matter Expertise in RBI Master Directions and guidelines governing Payment Aggregators (MD-PA), Prepaid Payment Instruments (MD-PPI), Master Direction on KYC (MD-CB KYC), MD-BBPS, as well as NPCI and NBBL guidelines for UPI and BBPS.

   • Provide strategic regulatory interpretation and guidance on evolving rules for merchant onboarding, escrow account operations, payment settlement, recurring mandates, and cross-border payment flows.

3. Regulatory Change Management (RCM) & Governance:

   • Drive the enterprise-wide Regulatory Change Management framework to track, evaluate, disseminate, and implement circulars, notifications, and directives issued by RBI, NPCI, MeitY, and other statutory authorities.

   • Establish robust control mapping, maintain compliance risk registers, and ensure satisfactory evidence of compliance is documented and archived for regulatory review.

4. New Product Risk Assessment (NPRA) & Compliance Sign-offs:

   • Direct the compliance evaluation and risk assessment (NPRA) for all new payment products, features, and strategic business initiatives on the PhonePe platform.

   • Enforce a strict "zero go-live without compliance sign-off" policy by embedding compliance requirements early into the product development lifecycle.

5. Policy Formulation & Governance Standards:

   • Lead the creation, review, and periodic updating of non-IT compliance policies, Standard Operating Procedures (SOPs), and operational frameworks across payment business units.

   • Secure necessary approvals from the Risk & Compliance Leadership, Executive Committees, and Board of Directors in a timely manner.

6. Regulatory Reporting & Metrics Oversight:

   • Oversee the timely and accurate validation and filing of mandatory periodic returns, compliance reports, and data submissions to RBI, NPCI, and other authorities.

   • Maintain oversight of key compliance metrics; present comprehensive monthly Compliance Dashboards and risk trackers to senior management and governance forums.

7. Stakeholder Engagement & Regulatory Relations:

   • Serve as a primary point of contact and liaison with regulatory authorities, industry bodies (e.g., NPCI, RBI), and partner banks.

   • Collaborate closely with internal Legal, Business, Product, Tech Risk, and Internal Audit teams to align strategic objectives with regulatory expectations.

8. Compliance Process Automation & Efficiency:

   • Promote process optimization, automation, and AI-enabled solutions within compliance workflows, GRC tool implementation, and regulatory tracking systems to drive operational excellence.

Basic & Advanced Qualifications

1. Education: CA / CS / Post Graduate in Finance, Law, or Risk Management / MBA from a premier institute.

2. Experience: 10 to 15+ years of core experience in Payments Compliance, Regulatory Operations, or Legal/Risk Management within Fintechs, Payment Aggregators, Payment Banks, or Top-tier Banks.

3. Regulatory Mastery: Comprehensive, hands-on knowledge of RBI regulations (MD-PA, MD-PPI, MD-KYC, MD-BBPS, PSS Act), NPCI rules (UPI, BBPS, NACH), UIDAI, and Indian financial ecosystem frameworks.

4. Inspection Experience: Proven experience in leading and defending regulatory inspections (RBI/NPCI) and managing regulatory relations at a leadership level.

5. Leadership & Communication: Exceptional leadership, stakeholder management, and executive communication skills, capable of negotiating complex compliance requirements with senior stakeholders and regulators.

6. Ethical Standards: High ethical standards, analytical acumen, problem-solving mindset, and ability to thrive in a fast-paced environment.

7. Certifications: Certified Anti-Money Laundering Specialist (CAMS), Certified Compliance Professional, or similar credentials are a strong plus.

8. Leadership & Multitasking Capability: Proven ability to manage numerous complex and routine regulatory projects simultaneously under tight deadline pressure with agile prioritization, critical thinking, and an influential presence of mind.

PhonePe Full Time Employee Benefits (Not applicable for Intern or Contract Roles)

Insurance Benefits - Medical Insurance, Critical Illness Insurance, Accidental Insurance, Life Insurance Wellness Program - Employee Assistance Program, Onsite Medical Center, Emergency Support System Parental Support - Maternity Benefit, Paternity Benefit Program, Adoption Assistance Program, Day-care Support Program Mobility Benefits - Relocation benefits, Transfer Support Policy, Travel Policy Retirement Benefits - Employee PF Contribution, Flexible PF Contribution, Gratuity, NPS, Leave Encashment Other Benefits - Higher Education Assistance, Car Lease, Salary Advance Policy

Our inclusive culture promotes individual expression, creativity, innovation, and achievement and in turn helps us better understand and serve our customers. We see ourselves as a place for intellectual curiosity, ideas and debates, where diverse perspectives lead to deeper understanding and better quality results. PhonePe is an equal opportunity employer and is committed to treating all its employees and job applicants equally; regardless of gender, sexual preference, religion, race, color or disability. If you have a disability or special need that requires assistance or reasonable accommodation, during the application and hiring process, including support for the interview or onboarding process, please fill out this form.

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