Vijay Shekhar Sharma has resigned as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL), leading to a reconstitution of the bank’s board. This decision comes after the Reserve Bank of India (RBI) barred PPBL from accepting deposits and credits from any customer post-March 15 due to persistent non-compliances and continued material supervisory concerns.
The reconstituted board includes prominent figures such as Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal, who have recently joined as Independent Directors. These appointments aim to strengthen the bank’s governance and compliance framework.
As a result of the transition, Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank, facilitating the appointment of a new Chairman. One 97 Communications Ltd (OCL), the owner of the Paytm brand, expressed support for PPBL’s decision to opt for a board consisting solely of independent and executive directors, emphasizing the bank’s commitment to robust corporate governance.
The filing also highlights that PPBL’s future business will be led by the reconstituted board, signaling a strategic shift towards ensuring compliance and regulatory adherence in its operations.
