Managing director and CEO Surinder Chawla tendered his resignation, as confirmed by a regulatory filing on Tuesday.
Chawla's departure comes at a crucial juncture for the bank, coinciding with regulatory actions from the Reserve Bank of India (RBI) against Paytm Payments Bank.
According to a regulatory filing by Paytm's parent company, One97 Communications, Chawla cited personal reasons and a desire to explore better career prospects for his decision to step down.
The filing stated, "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."
Chawla assumed his role at Paytm Payments Bank in January the previous year, bringing with him a wealth of experience from his tenure as head of branch banking at RBL Bank.
Prior to that, he held positions at renowned financial institutions such as HDFC Bank and Standard Chartered Bank.
The resignation follows Paytm Payments Bank's recent suspension of basic banking services, which was implemented nearly a month ago under directives from the RBI. Amidst these developments, Paytm has severed all ties with PPBL, as disclosed to the exchanges.
The bank's board has also undergone a restructuring process, now comprising five independent directors alongside an independent chairperson.
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