Vijay Shekhar Sharma Quits Paytm Payments Bank’s Board

SUMMARY

Paytm said Vijay Shekhar Sharma has resigned as the part-time non-executive chairman and board member of the payments bank

The payments bank has reconstituted its board and made four new appointments

The development comes following the imposition of curbs on the payments bank by the RBI for persistent non-compliance

In a major development, Paytm founder and chief executive officer (CEO) Vijay Shekhar Sharma has stepped down from the board of Paytm Payments Bank.

In a filing with the bourses, the fintech startup said that Sharma has resigned as the part-time non-executive chairman and board member of the payments bank. It also said that a newly-reconstituted board will now helm the affairs at the company.

The company also informed the exchanges that the process of appointing a new chairman for the payments bank arm will soon commence.

The new appointments include former Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, Bank of Baroda’s ex-executive director Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal.

The four new names recently joined the troubled company’s board as independent directors, the company said. 

“… 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,” said Paytm Payments Bank managing director and CEO Surinder Chawla.