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Paytm Payments Bank board is independent, Paytm CEO Sharma says
Economic Times
·
1y ago
Medial
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.
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Paytm Payments Bank CEO & MD Surinder Chawla Steps Down
Inc42
·
1y ago
Medial
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.
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Vijay Shekhar Sharma steps down from Paytm Payments Bank board
TechCrunch
·
1y ago
Medial
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.
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Vijay Shekhar Sharma resigns as chairman of Paytm Payments Bank
Livemint
·
1y ago
Medial
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.
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Paytm Payments Bank announces board rejig
Livemint
·
1y ago
Medial
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.
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Vijay Shekhar Sharma Quits Paytm Payments Bank’s Board
Inc42
·
1y ago
Medial
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.
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Paytm Jumps 4% After It Discontinues Inter-Company Agreements With PPBL
Inc42
·
1y ago
Medial
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.
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Paytm Discontinues Inter-Company Agreements With PPBL To Reduce Dependencies
Inc42
·
1y ago
Medial
Paytm and Paytm Payments Bank (PPBL) have mutually agreed to terminate various inter-company agreements to strengthen PPBL's independent operations, according to an exchange filing. In addition, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to support the bank's governance, separate from its shareholders. The move comes after Paytm's founder and CEO, Vijay Shekhar Sharma, stepped down from the board of PPBL. Last month, the Reserve Bank of India imposed restrictions on the payments bank for non-compliance and supervisory concerns.
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Paytm’s Vijay Shekhar Sharma discussed exiting board, removing Paytm from bank name
Economic Times
·
1y ago
Medial
Vijay Shekhar Sharma, founder of Paytm, reportedly considered resigning as the part-time chairman of Paytm Payments Bank and removing 'Paytm' from its name due to mounting regulatory and compliance pressures. The discussions took place last year amidst queries from the Reserve Bank of India (RBI) on compliance concerns. Independent directors have also resigned from the bank's board. Paytm Payments Bank was recently barred by the RBI from accepting fresh deposits or providing banking services after February 29.
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Paytm discontinues inter-company agreements with its Paytm Payments Bank
Livemint
·
1y ago
Medial
Paytm, the Indian fintech giant, has announced the termination of various inter-company agreements with its payments bank unit, Paytm Payments Bank (PPBL), in order to reduce dependencies. The move is aimed at enhancing the governance of Paytm Payments Bank and making it more independent. This comes after the Reserve Bank of India imposed restrictions on PPBL, directing it to cease further deposits, credit transactions, and top-ups on customer accounts due to non-compliance with banking norms and KYC requirements. Paytm CEO, Vijay Shekhar Sharma, recently resigned from his positions at PPBL.
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Vijay Shekhar Sharma resigns as Paytm Payments Bank Chairman; bank's board reconstituted
Economic Times
·
1y ago
Medial
Vijay Shekhar Sharma has resigned from the board of Paytm Payments Bank (PPBL), as announced by parent company One 97 Communication. In his place, four independent directors have been appointed: Srinivasan Sridhar, Debendranath Sarangi, Ashok Kumar Garg, and Rajni Sekhri Sibal.
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