Vijay Shekhar steps down as chairman of Paytm Bank
In a filing on Monday, Paytm Payments Bank Limited (PPBL) announced that Vijay Shekhar Sharma had resigned as the bank’s part-time non-executive chairman and that the board had been reorganized. The statement also said that PPBL will shortly start the process of selecting a new chairman.
Since March 15, the Reserve Bank has prohibited PPBL from receiving deposits or credits from any client due to the bank’s ongoing serious supervisory issues and chronic non-compliance.
With the appointment of retired IAS officer Debendranath Sarangi, former executive director of the Bank of Baroda Ashok Kumar Garg, former IAS officer Rajni Sekhri Sibal, and former chairman of the Central Bank of India Srinivasan Sridhar, PPBL has reorganized its Board of Directors.
It said that these individuals had just joined as independent directors. The Paytm brand is owned by One 97 Communications Ltd (OCL). In order to facilitate this transition, Vijay Shekhar Sharma has also resigned from the Paytm Payments Bank Board, the firm has been told separately. The filing said, “PPBL has notified us that they will begin the process of appointing a new Chairman.”
It also said that OCL concurs with PPBL’s decision to remove its nomination in favor of a board composed only of independent and executive directors. The petition said, “PPBL’s future business to be led by a reconstituted board.”
Board reconvened
In a regulatory filing on Monday, Paytm Payments Bank Limited (PPBL) announced that it had appointed independent directors to its Board of Directors.
The fintech firm said that the reformed board will oversee PPBL’s future activities.
