Vijay Shekhar Sharma Steps Down from Paytm Payments Bank Board Ashok Kumar Garg, Debendranath Sarangi, Rajni Sekhri Sibal and Srinivasan Sridhar are the new board members of Paytm Payments Bank.
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The CEO and Founder of Paytm, Vijay Shekhar Sharma, has resigned as the non-executive chairman and board member of Paytm Payments Bank Ltd (PPBL), as it faces regulatory hurdles from the RBI.
PPBL will commence the process of appointing a new Chairman, the fintech stated in a legal document.
PPBL has selected only executive and independent directors for the newly formed board. Ashok Kumar Garg, Debendranath Sarangi, Rajni Sekhri Sibal, and Srinivasan Sridhar are the new board members.
Sridhar has presided over several institutions, including the Central Bank of India, the Export-Import Bank of India, and the National Housing Bank. Sarangi, a retired IAS officer, is presently as an independent director on the boards of several firms. In addition, Sibal is a former IAS officer who served as a secretary of the central government. Garg has been a prominent executive with Bank of Baroda, having held roles such as Whole-Time Director, Chief Executive for US operations, and Managing Director of Bank of Baroda (Uganda).
Commenting on the Board reconstitution, Surinder Chawla, MD and CEO at Paytm Payments Bank said, "We welcome the appointment of Srinivasan Sridhar, Debendranath Sarangi, Ashok Kumar Garg, and Rajni Sekhri Sibal to our Board, marking a significant step forward in PPBL's journey. 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."
In addition to this, the board has former Executive Director of Punjab & Sind Bank Shri Arvind Kumar Jain as independent director, and Surinder Chawla, MD and CEO at Paytm Payments Bank.
In January, because of "persistent non-compliances" and "continuing material supervisory concerns," the RBI directed PPBL to stop accepting new deposits from February 29, 2024. The deadline was later extended to March 15.
