Paytm Payments Bank Rejigs Board; Vijay Shekhar Sharma Resigns

Paytm Payments Bank Ltd., an associate of One 97 Communications Ltd., reconstituted its board and Vijay Shekhar Sharma resigned as part-time non-executive chairman of the bank.

Sharma also resigned from the board of Paytm Payments Bank to enable the transition, One 97 said in a stock exchange announcement.

The company said Paytm Payments Bank reconstituted its board with the appointment of former Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and retired IAS officer Rajni Sekhri Sibal. They recently joined as independent directors, it added.

Apart from these, the board has former executive director of Punjab & Sind Bank Arvind Kumar Jain as independent director and Paytm Payments Bank’s Managing Director and Chief Executive Officer Surinder Chawla.

Paytm Payments Bank will commence the process of appointing a new chairman, according to the statement.

The development comes after the Reserve Bank of India (RBI) last month directed Paytm Payments Bank to stop all deposits and credit transactions after 29 February due to persistent non-compliances and continued material supervisory concerns in the bank.

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