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Vijay Shekhar Sharma resigns as Paytm Payments Bank Chairman; bank's board reconstituted

Economic Times

Economic Times · 1y ago

Vijay Shekhar Sharma resigns as Paytm Payments Bank Chairman; bank's board reconstituted

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.

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.

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.

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.

Vijay Shekhar Sharma steps down from Paytm Payments Bank board

Inshorts · 1y ago

Vijay Shekhar Sharma steps down from Paytm Payments Bank board

One97 Communications, the parent company of Paytm, on Monday announced that Vijay Shekhar Sharma has stepped down as the non-executive chairman and board member of Paytm Payments Bank (PPBL). It further said that PPBL has reconstituted its board with only independent and executive directors. Recently, the RBI imposed curbs on PPBL, which will come into effect after March 15.

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’s Vijay Shekhar Sharma discussed exiting board, removing Paytm from bank name

Economic Times

Economic Times · 1y ago

Paytm’s Vijay Shekhar Sharma discussed exiting board, removing Paytm from bank name

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.

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.

Vijay Shekhar Sharma resigns from Paytm Payments Bank amid board revamp

Livemint

Livemint · 1y ago

Vijay Shekhar Sharma resigns from Paytm Payments Bank amid board revamp

Vijay Shekhar Sharma, the founder of Paytm, has stepped down as the non-executive chairman of Paytm Payments Bank in response to regulatory restrictions. Paytm Payments Bank was barred by the Reserve Bank of India from accepting customer deposits due to non-compliance with regulations. Sharma's resignation aims to facilitate a smooth transition for the bank. Paytm has made additional changes to its board, appointing new independent directors and withdrawing its nominee. The company has also formed a group advisory committee to address regulatory concerns.

Paytm Payments Bank CEO Surinder Chawla resigns

VCCircle

VCCircle · 1y ago

Paytm Payments Bank CEO Surinder Chawla resigns

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.

Vijay Shekhar Sharma resigns from board of Paytm Payments Bank

Economic Times

Economic Times · 1y ago

Vijay Shekhar Sharma resigns from board of Paytm Payments Bank

Vijay Shekhar Sharma, founder of Paytm, has resigned from the board of Paytm Payments Bank (PPBL). PPBL has appointed Srinivasan Sridhar, Debendranath Sarangi, Ashok Kumar Garg, and Rajni Sekhri Sibal as independent directors. PPBL will begin the process of selecting a new chairman. Sharma's resignation comes amid regulatory and compliance pressures on the fintech firm. The Reserve Bank of India had raised compliance concerns, leading to an order on January 31 that affected the banking operations of PPBL.

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