Vijay Shekhar Sharma steps down as Paytm Payments Bank chairman amid RBI clampdown
By Team Asianet Newsable | First Published Feb 26, 2024, 8:36 PM ISTDue to persistent non-compliances and ongoing material supervisory concerns within the bank, the Reserve Bank has prohibited PPBL from accepting deposits and credits from any customer after March 15th.
Vijay Shekhar Sharma on Monday resigned from his role as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL), prompting a reconstitution of the bank's board. Due to persistent non-compliances and significant supervisory concerns, the Reserve Bank has prohibited PPBL from receiving deposits and credits from customers after March 15.
PPBL has revamped its Board of Directors by appointing Srinivasan Sridhar, former Chairman of Central Bank of India, retired IAS officer Debendranath Sarangi, Ashok Kumar Garg, former Executive Director of Bank of Baroda, and Rajni Sekhri Sibal, former IAS officer, as per a regulatory filing by Paytm on Monday.
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These persons had recently joined as Independent Directors, it said.
One 97 Communications Ltd (OCL) is the owner of the Paytm brand.
"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," the filing said.
OCL expressed its support for PPBL's decision to transition to a board consisting solely of independent and executive directors by removing its nominee, the company stated.
"PPBL's future business to be led by a reconstituted Board," the filing stated.
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