Vijay Shekhar resigns as Paytm Bank chairman

New Delhi, February 26

Vijay Shekhar Sharma has stepped down as part-time non-executive chairman of Paytm Payments Bank Limited (PPBL) and the board of the bank has been reconstituted, a filing said on Monday, adding PPBL will soon commence the process of appointing a new Chairman.

The Reserve Bank has barred PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliances and continued material supervisory concerns in the bank.

PPBL has reconstituted its Board of Directors with the appointment of Central Bank of India ex-chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, Bank of Baroda former executive director Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal.

These persons had recently joined as independent directors, it said. One 97 Communications Ltd (OCL) is the owner of the Paytm brand. “The company has been separately informed that Vijay Shekhar Sharma has also 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,” the filing said.

OCL supports PPBL’s move of opting for a board with only independent and executive directors by removing its nominee, it added. “PPBL’s future business to be led by a reconstituted board,” the filing stated. — PTI

Board reconstituted

• Paytm Payments Bank Limited (PPBL) has reconstituted its Board of Directors with the appointment of independent directors, Paytm said in its regulatory filing on Monday
• “PPBL’s future business would be led by the reconstituted board,” the fintech company said