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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.

Related News

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.

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.

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.

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.

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.

Vijay Shekhar Sharma steps down from Paytm Payments Bank's Board

Inshorts · 1y ago

Vijay Shekhar Sharma steps down from Paytm Payments Bank's Board

Vijay Shekhar Sharma has stepped down from the Board of Paytm Payments Bank Ltd (PPBL) and will no longer be its part-time non-executive chairman as it reconstitutes its Board. For the newly constituted board, PPBL has opted for only independent and executive directors. The new board members are 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.

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 Jumps 4% After It Discontinues Inter-Company Agreements With PPBL

Inc42 · 1y ago

Paytm Jumps 4% After It Discontinues Inter-Company Agreements With PPBL

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.

Paytm Extends Losses: Shares Slump Another 5% To Hit Lower Circuit For 3rd Consecutive Session

Inc42 · 1y ago

Paytm Extends Losses: Shares Slump Another 5% To Hit Lower Circuit For 3rd Consecutive Session

Shares of One97 Communications Limited, the parent entity of Paytm, plummeted by 5% during early trading on Thursday. The fall coincided with the resignation of Vijay Shekhar Sharma as part-time non-executive chairman and board member of Paytm Payments Bank. The stock was trading at INR 385.5 on Thursday, down from INR 406.15 on Tuesday. Additionally, foreign brokerage firm UBS has reduced its target price for Paytm, citing potential financial challenges and increased marketing spend. The Reserve Bank of India has also imposed restrictions on Paytm Payments Bank, affecting its operations and services.

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