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Paytm Payments Bank CEO Surinder Chawla quits to explore better career prospects

IndianStartupNewsIndianStartupNews · 1y ago
Paytm Payments Bank CEO Surinder Chawla quits to explore better career prospects
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 MD, CEO Surinder Chawla steps down

EntrackrEntrackr · 1y ago
Paytm Payments Bank MD, CEO Surinder Chawla steps down
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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