Paytm Banking Unit CEO Surinder Chawla Resigns, Here's Why

Hurrdels and difficulties for fintech Paytm are not ending. According to the reports, Paytm's banking unit managing director and chief executive officer Surinder Chawla stepped down from his post on Tuesday citing personal reasons. The reports suggest that Sunider Chawla's resignation would come into effect from June 26.

"Surinder Chawla, Managing Director and CEO of PPBL has tendered his resignation on April 8, 2024, on account of personal reasons and to explore better career prospects. He will be relieved from PPBL w.e.f. close of business hours on June 26, 2024, unless changed by mutual consent," One97 Communications, Paytm brand owner, said in a regulatory filing.

A month ago, Paytm made headlines after the company shut its Paytm Payments Bank following RBI directives.

Surinder Chawla Professional Background:

Surinder Chawla joined Paytm in January 2023 as the Managing Director and CEO of the now-closed Paytm Payments Bank. Before joining Paytm, Surinder Chawla was associated with the RBL Bank, where he headed- Branch Banking.

Big Blows In The Past To Paytm:

Earlier, Vijay Shekhar Sharma resigned as Paytm Payments Bank's non-executive chairman after Paytm faced the heat from RBI over transactions-related records issues.

At that time, Paytm's share tanked drastically resulting in a big loss to the company and its shareholders.

However, the RBI gave interim relief to Paytm as the banking regulatory allowed a third-party app licence to the fintech.

Paytm is now running its UPI services with the help of Axis Bank, HDFC Bank, State Bank of India, and Yes Bank, which are acting as payment system providers to millions of Paytm users.