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Paytm Payments Bank announces board rejig

Livemint

Livemint · 1y ago

Paytm Payments Bank announces board rejig

Paytm Payments Bank Limited has reconstituted its board of directors following regulatory action from the Reserve Bank of India. The new board members, including former Central Bank of India Chairman Srinivasan Sridhar and retired IAS officer Rajni Sekhri Sibal, have been appointed as independent directors. Paytm founder Vijay Shekhar Sharma will step down as the non-executive chairman and board member to facilitate the transition. The new board is expected to enhance governance and operational standards as the payments bank plans to continue its operations despite RBI's directive to wind down.

Related News

Vijay Shekhar Sharma Quits Paytm Payments Bank’s Board

Inc42 · 1y ago

Vijay Shekhar Sharma Quits Paytm Payments Bank’s Board

Paytm founder and CEO, Vijay Shekhar Sharma, has resigned from the board of Paytm Payments Bank as part-time non-executive chairman. Paytm Payments Bank has reconstituted its board and made four new appointments, including former Central Bank of India chairman Srinivasan Sridhar and retired IAS officer Debendranath Sarangi. The company is in the process of appointing a new chairman for the payments bank. Paytm said the new appointments will help enhance governance structures and operational standards.

Paytm Payments Bank board is independent, Paytm CEO Sharma says

Economic Times

Economic Times · 1y ago

Paytm Payments Bank board is independent, Paytm CEO Sharma says

Paytm CEO Vijay Shekhar Sharma has stated that the board of Paytm Payments Bank is independent and capable of addressing regulatory concerns. He clarified that he and his company, One97 Communications, have no connection with the bank. The Reserve Bank of India (RBI) had recently ordered Paytm Payments Bank to stop accepting new deposits due to supervisory concerns and non-compliance with rules. Paytm Payments Bank is a subsidiary of One97 Communications, with Sharma holding a 51% stake. In response to the RBI's order, Sharma stepped down as non-executive chairman and board member of the bank.

Paytm Payments Bank CEO & MD Surinder Chawla Steps Down

Inc42 · 1y ago

Paytm Payments Bank CEO & MD Surinder Chawla Steps Down

Paytm Payments Bank CEO and MD, Surinder Chawla, has resigned citing personal reasons and a desire to explore better career prospects. The company has not yet announced a replacement for Chawla. Paytm Payments Bank has been facing regulatory challenges recently and has reconstituted its board with five independent directors. Paytm founder and CEO, Vijay Shekhar Sharma, had also stepped down from the board earlier. The Reserve Bank of India had barred Paytm Payments Bank from certain activities due to flaws in its internal detection mechanisms and high user complaints.

Vijay Shekhar Sharma resigns as chairman of Paytm Payments Bank

Livemint

Livemint · 1y ago

Vijay Shekhar Sharma resigns as chairman of Paytm Payments Bank

Vijay Shekhar Sharma, the founder of Paytm, has resigned from the board of Paytm Payments Bank. One97 Communications, the parent company of Paytm, announced the resignation and the company's plans to appoint a new chairman. Additionally, several new independent directors have joined the board of Paytm Payments Bank, including former chairman of Central Bank of India, Srinivasan Sridhar, and retired IAS officer Debendranath Sarangi. The new directors are expected to contribute their expertise to enhance governance structures and operational standards at the bank.

Paytm Jumps 4% After It Discontinues Inter-Company Agreements With PPBL

Inc42 · 1y ago

Paytm Jumps 4% After It Discontinues Inter-Company Agreements With PPBL

Shares of One97 Communications, the parent company of Paytm, rose 4% to INR 423 apiece on Friday, following the announcement that the company has discontinued various agreements with its payments bank unit, Paytm Payments Bank Limited. Paytm shares opened at INR 413.55. The move is an effort to strengthen the independent operations of the payments bank. Founder Vijay Shekhar Sharma recently stepped down from the board, and a newly-reconstituted board has been appointed. The company ensured that services like the Paytm app, Paytm QR, and Paytm Card machines will continue uninterrupted. At 1:15 pm on Friday, Paytm shares were trading at INR 421.85 apiece.

Vijay Shekhar Sharma steps down from Paytm Payments Bank board

TechCrunch · 1y ago

Vijay Shekhar Sharma steps down from Paytm Payments Bank board

Vijay Shekhar Sharma has stepped down from the board of Paytm Payments Bank, following recent regulatory scrutiny and penalties imposed on the troubled financial firm. The bank has reconstituted its board of directors and appointed four new independent directors. Sharma, who owns a majority stake in the bank, has resigned from the board and also stepped down from his part-time non-executive chair role. The Indian central bank is expected to implement severe business restrictions on Paytm Payments Bank from March 15.

Paytm Confirms Exit Of Manju Agarwal From Paytm Payments Bank’s Board

Inc42 · 1y ago

Paytm Confirms Exit Of Manju Agarwal From Paytm Payments Bank’s Board

Fintech giant Paytm has confirmed the resignation of independent director Manju Agarwal from the board of Paytm Payments Bank due to personal commitments. The departure of Agarwal and another independent director, Shinjini Kumar, comes after the Reserve Bank of India imposed fresh restrictions on the trouble payments bank. Paytm is currently under scrutiny as it seeks approval for an investment in its payments gateway arm, Paytm Payments Services, while an inter-ministerial committee examines foreign direct investment from China into the company.

One 97 Communications discontinues inter-company agreements with Paytm Payments Bank

Economic Times

Economic Times · 1y ago

One 97 Communications discontinues inter-company agreements with Paytm Payments Bank

Indian payments company Paytm, operated by One 97 Communications, has announced that it is discontinuing various inter-company agreements with its payments bank unit. The move comes as part of an effort to reduce dependencies within the company. Paytm and the Paytm Payments Bank (PPBL) have mutually agreed to terminate these agreements. Last month, the Reserve Bank of India (RBI) prohibited PPBL from accepting fresh deposits or top-ups in customer accounts. As a result, the Chairman of Paytm Payments Bank, Vijay Shekhar Sharma, stepped down and the bank's board is being reconstituted.

Vijay Shekhar Sharma, Paytm execs resign from payments bank board

The Arc Web

The Arc Web · 1y ago

Vijay Shekhar Sharma, Paytm execs resign from payments bank board

Paytm CEO Vijay Shekhar Sharma has resigned from the board of Paytm Payments Bank (PPBL), initiating a complete board overhaul. This move signals Paytm's willingness to relinquish control of the payments bank. Other representatives from Paytm owner One97 Communications (OCL) have also resigned from the board. The new board of PPBL comprises six directors, including MD & CEO Surinder Chawla. This reshuffling follows regulatory restrictions imposed on PPBL by the RBI due to non-compliance and supervisory concerns. Paytm's share price has seen some volatility amid the changes.

Paytm Payments Bank | Latest & Breaking News on Paytm Payments Bank | Photos, Videos, Breaking Stories and Articles on Paytm Payments Bank

Money Control

Money Control · 1y ago

Paytm Payments Bank | Latest & Breaking News on Paytm Payments Bank | Photos, Videos, Breaking Stories and Articles on Paytm Payments Bank

Paytm Payments Bank has been in the news lately due to various issues surrounding its license and compliance with regulations. According to the Financial Intelligence Unit, the bank failed to implement a mechanism to detect and report suspicious transactions as required under the PMLA. Speculations over the revoking of Paytm Payments Bank's license have caused its stock to fall. Additionally, the controversy has led to a drop in Paytm's UPI market share. The bank has been fined for violating the PMLA. Despite efforts to cut ties with the bank, Paytm still relies on it in multiple ways. The board of Paytm's parent company has approved the termination of agreements with Paytm Payments Bank. Various financial changes, including restrictions on Paytm Payments Bank accounts, may impact users. Paytm's stock has been in decline and Yes Bank has expressed interest in acquiring the merchant accounts of Paytm Payments Bank. Paytm's efforts to resolve the issues with the regulator are seen as a delay tactic. A Paytm employee committed suicide due to fears of job loss. The board of Paytm Payments Bank has been restructured and the bank has faced various restrictions and an extended deadline for compliance. Despite setbacks, merchant loyalty to Paytm remains intact. Paytm's stock has shown some recovery but Goldman Sachs has reduced its target price. The decline in daily downloads of the Paytm app has been noted, while rival BHIM UPI has seen an increase. Overall, Paytm Payments Bank is facing significant challenges and uncertainties.

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