The Reserve Bank has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliances and continued material supervisory concerns in the bank.
New Delhi: Paytm founder and chief executive officer Vijay Shekhar Sharma has quit his position as the chairman of its embattled subsidiary Paytm Payments Bank Limited (PPBL), the company informed in an exchange filing on Monday.
Sharma owns 51% stake in Paytm Payments Bank while the parent entity holds the rest.
The company has separately constituted its board of directors with multiple independent entrants, including Ex-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 company stated that Sharma’s resignation was decided to enable this transition.
“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,” Surinder Chawla, PPBL’s managing director and chief executive officer said in a statement.
