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News on Medial
Paytm Payments Bank CEO Surinder Chawla quits to explore better career prospects
IndianStartupNews
·
1y ago
Medial
Surinder Chawla, the CEO of Paytm Payments Bank (PPBL), is resigning amidst regulatory scrutiny from the Reserve Bank of India (RBI). Chawla, who has over 30 years of banking experience, cites personal reasons and better career prospects for his decision. PPBL has faced restrictions from the RBI, including accepting new deposits and onboarding customers, due to non-compliance and supervisory concerns. Paytm founder Vijay Shekhar Sharma stepped down as part-time non-executive Chairman, and the board was reconstituted with independent directors to address regulatory concerns. The company has also terminated service agreements with PPBL and received approval as a Third-Party Application Provider.
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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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Paytm Payments Bank CEO Surinder Chawla resigns
Economic Times
·
1y ago
Medial
Surinder Chawla, the managing director and CEO of Paytm Payments Bank, has resigned from his position citing personal reasons and better career prospects. This comes after Paytm Payments Bank recently stopped offering basic banking services under the direction of the Reserve Bank of India (RBI). Paytm has also severed all ties with the bank and reconstituted its board. Chawla, who joined the bank in January 2020, will leave on June 26 this year. Paytm now operates as a third-party payment application on Unified Payments Interface (UPI) through partnerships with Yes Bank, HDFC Bank, State Bank of India, and Axis Bank.
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Paytm Payments Bank MD, CEO Surinder Chawla steps down
Entrackr
·
1y ago
Medial
Surinder Chawla, the managing director and chief executive officer of Paytm Payments Bank, has stepped down from his position on April 8, according to the disclosure filed by the associate entity One97 on the National Stock Exchange. The resignation was submitted for personal reasons to explore better career prospects and Surinder Chawla will be relieved from Paytm Payment Bank (PPBL)on June 26, the filings added. Chawla joined Paytm Payments Bank in February last year. Before this, he was the head of branch banking at RBL Bank for more than nine years and also spent more than 11 years at HDFC Bank as head of retail liabilities product group and senior executive vice president. The development comes after actions by the Reserve Bank of India (RBI) against Paytm Payments Bank. In late January, RBI had imposed restrictions on the company due to concerns regarding breach of and compliance with regulatory norms. While RBI later granted brief relaxation to Paytm, the latter discontinued inter-company agreements between the company and Paytm Payments Bank Limited (PPBL). The move was taken to ensure the independent operations of PPBL. Meanwhile, Vijay Shekhar Sharma also stepped down from his position as part-time non-executive chairman and board member of Paytm Payments Bank. The company also announced that it has reconstituted its board of directors with five new directors.
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Surinder Chawla resigns as CEO of Paytm Payments Bank
Inshorts
·
1y ago
Medial
Surinder Chawla has resigned from the post of Managing Director and CEO at Paytm Payments Bank Limited (PPBL), citing personal reasons and career advancement. His resignation will be effective on June 26, 2024. Chawla's exit follows Praveen Sharma's resignation as Senior Vice President at Paytm last month, citing his interest in pursuing other opportunities.
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Paytm Payments Bank CEO Surinder Chawla resigns
VCCircle
·
1y ago
Medial
Surinder Chawla has resigned from his position as the CEO and Managing Director of Paytm Payments Bank in India, citing personal reasons. His resignation is effective from June 26, and a successor has not yet been announced. This announcement follows Vijay Shekhar Sharma stepping down as non-executive chairman of Paytm Payments Bank. The Reserve Bank of India had previously ordered Paytm Payments Bank to wind down its operations due to compliance issues, but the company was granted a third-party app license to continue facilitating payments after its banking unit ceased operations.
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Vijay Shekhar Sharma, Paytm execs resign from payments bank board
The Arc Web
·
1y ago
Medial
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.
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All is well, all is rocking: Paytm CEO on senior employees' exits
Twitter
·
1y ago
Medial
Paytm CEO Vijay Shekhar Sharma replied to a reporter who asked why multiple senior level employees are quitting the startup, saying, "All is well and all is rocking." This comes after Paytm Payments Bank MD Surinder Chawla and Paytm's Chief Marketing Officer Sumit Mathur resigned from their roles in April. Paytm's Chief Operating Officer Bhavesh Gupta had quit in May.
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CXO-level shifts rearrange top deck at Indian startups
Economic Times
·
1y ago
Medial
In the first half of 2024, several top-level movements were seen in various companies. Naveen Tahilyani became the CEO of Tata Digital, replacing Pratik Pal. Surinder Chawla stepped down as the MD and CEO of Paytm Payments Bank, while Rakesh Singh took over as the CEO of Paytm Money. Ritesh Pai joined PhonePe as the CEO of its international business. In the edtech sector, Arjun Mohan left Byju's India and Byju Raveendran took charge of the company's India operations. Himanshu Bajaj also left Byju's to join Alvarez & Marsal.
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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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What to do if you have a Paytm UPI handle? RBI advises this…
Livemint
·
1y ago
Medial
Customers of Paytm can breathe a sigh of relief as their unified payments interface (UPI) payments will not be affected by the recent orders from banking authorities. The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to explore migrating Paytm Payments Bank's UPI customers to 4-5 other banks to ensure smooth digital payments and minimize concentration risk. Paytm is the third largest app for UPI payments in India and the central bank has advised Paytm Payment Bank customers on the necessary steps to ensure uninterrupted services.
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