Paytm Chairman Vijay Shekhar Sharma Steps Down From Paytm Payments Bank Board Of Directors

Paytm founder Vijay Shekhar Sharma on Monday resigned from the board of Paytm Payments Bank, according to the reports. The reports said Central Bank of India's former chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, Bank of Baroda's former executive director Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal have joined the fintech as directors. Paytm has been facing a tough time since the Reserve Bank of India (RBI) implemented restrictions on Paytm Payments Bank Limited (PPBL).

The RBI found inadequate customer identification in the working of Paytm payments bank. The banking regulatory had earlier set February 29 as a deadline for Paytm Payments Bank to clear all its accounts and take down the services, which was later extended to March 15, 2024.

"The Company has been separately informed that Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition. PPBL has informed us that they will commence the process of appointing a new Chairman," One97 Communications said in its exchange filing.

On the latest big development in the company's top management, Paytm Payments Bank, MD and CEO, Surinder Chawla said, "We welcome the appointment of Shri Srinivasan Sridhar, Shri Debendranath Sarangi, Shri Ashok Kumar Garg, and Smt Rajni Sekhri Sibal to our Board, marking a significant step forward in PPBL's journey. Their distinguished expertise will be pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices."

Srinivasan Sridhar, the new member of the Paytm Payments Bank director's board, while addressing his welcome meeting said, he is dedicated to take the company to new heights utilizing his extensive banking experience. His focus would be more on compliant services. "It is my goal to ensure that PPBL becomes a paragon of regulatory compliance, setting new standards in delivering exceptional value to the stakeholders, in strict adherence with regulatory frameworks and best practices," Sridhar said.