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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.

Related News

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 Senior VP Praveen Sharma Resigns To Pursue ‘Other Opportunities’

Inc42 · 1y ago

Paytm Senior VP Praveen Sharma Resigns To Pursue ‘Other Opportunities’

Praveen Sharma, senior vice president of business at Paytm's parent company One 97 Communications, has resigned after over four years. His resignation comes shortly after Paytm founder Vijay Shekhar Sharma stepped down from the board of Paytm Payments Bank. Paytm is also planning to transfer its point of sale (PoS) terminals to RBL Bank. In January, the RBI issued a directive that prevented Paytm Payments Bank from carrying out certain transactions. Since then, Paytm shares have plummeted and several mutual funds have divested their holdings in the company.

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.

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 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 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.

Want to make Paytm an Asia leader — Sharma after RBI action on payments bank

Livemint

Livemint · 1y ago

Want to make Paytm an Asia leader — Sharma after RBI action on payments bank

Paytm founder, Vijay Shekhar Sharma, expressed confidence that the digital payments giant will overcome regulatory setbacks in India this year. The Reserve Bank of India (RBI) recently placed severe restrictions on Paytm Payments Bank due to issues related to accounting and supervisory problems. Sharma resigned from the banking affiliate's board but continues to lead Paytm. He is focused on forging new bank partnerships and expanding into other Asian markets. Additionally, Paytm Payments Bank was fined ₹5.49 crore by the Financial Intelligence Unit for failure to comply with anti-money laundering regulations.

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.

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