Vijay Shekhar Sharma, the founder of Paytm on Monday stepped down from his position as the Chairman of Paytm Payments Bank. His resignation comes just ahead of the March 15 deadline set by the Reserve Bank of India (RBI) for the bank to accept further credits into its customer accounts.
The announcement was made by One 97 Communications Ltd (OCL), the parent company of Paytm, which also revealed that Paytm Payments Bank Limited (PPBL) has reconstituted its board in light of these changes.
Sharma, who held the position of part-time non-executive Chairman of Paytm Payments Bank Limited, tendered his resignation to facilitate a smooth transition. OCL stated in a released statement, "Vijay Shekhar Sharma has 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."
Meanwhile, in an effort to bolster the governance and operational standards of Paytm Payments Bank, four new independent directors have been appointed to the board.
Among these are notable figures such as 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 Rajni Sekhri Sibal.
The addition of these seasoned professionals to the board is expected to bring invaluable expertise and guidance to the company during this critical juncture. Paytm Payments Bank managing director and CEO Surinder Chawla expressed confidence in the newly appointed directors, stating, "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."
The reshuffling within the leadership of Paytm Payments Bank comes amidst regulatory scrutiny and the need for strict adherence to RBI guidelines.
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