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Paytm CEO and founder Vijay Shekhar Sharma has resigned as non-executive chairman and director of Paytm Payments Bank Ltd (PPBL) as the company faces regulatory hurdles from the RBI.
PPBL will begin the process of appointing a new chairman for the fintech, a legal document said.
PPBL has elected only executive and independent directors to the newly formed board of directors. Ashok Kumar Garg, Debendranath Sarangi, Rajni Sekhri Sibal and Srinivasan Sridhar will be the new directors.
Mr. Shridhar has headed several institutions including Central Bank of India, Export-Import Bank of India and National Housing Bank. Mr. Sarangi is a retired IAS officer and currently serves on the boards of several companies as an independent director. Moreover, Mr. Sibal is a former IAS officer who served as a secretary in the central government. Mr. Garg is a prominent executive of Bank of Baroda, having held positions such as Whole-time Director, Chief Executive Officer, US Operations, and Managing Director of Bank of Baroda (Uganda).
Commenting on the reconstitution of the Board of Directors, Dr. Surinder Chawla, CEO of Paytm Payments Bank, said, “Mr. Srinivasan Sridhar, Mr. Devendranath Sarangi, Mr. Ashok Kumar Garg, Rajini Sekri We welcome Mr. Sibal’s appointment to the Board of Directors, which marks an important step forward in PPBL’s journey.” Their exceptional expertise is critical to strengthening our governance structure and operating standards and further solidifying our commitment to compliance and best practices. ”
In addition, the Board of Directors includes Shri Arvind Kumar Jain, former Director General, Punjab and Sindh Bank, as an independent director, and Surinder Chawla, MD and CEO, Paytm Payments Bank. ) has also been appointed.
In January, the RBI directed PPBL to stop accepting new deposits from February 29, 2024, citing “sustained non-compliance” and “ongoing significant supervisory concerns”. The deadline was later extended to March 15th.
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