Surinder Chawla has stepped down because the MD and CEO of Paytm Payments Bank, with impact from June 26, based on an organization assertion.
“The company would like to update that it has been informed by its associate entity, Paytm Payments Bank Limited (PPBL) on April 8, 2024, at 5.23 pm, that Surinder Chawla, managing director and CEO of PPBL has tendered his resignation on April 8, 2024, on account of personal reasons and to explore better career prospects,” One97 Communications, the proprietor of Paytm, stated in a BSE submitting on Tuesday.
He can be relieved from PPBL with impact from the shut of enterprise hours on June 26, 2024, except modified by mutual consent, it added.
One97 Communications within the submitting reiterated that “nearly all agreements between the Company and PPBL have been terminated as per our disclosure on March 1, 2024, and the board of PPBL has been reconstituted with five independent directors including an Independent Chairperson, and no nominees from the Company, as per our disclosure on February 26, 2024.”
The firm continues to collaborate with banking companions to reinforce our service provider buying and UPI providers, it stated.
In February 2024, Vijay Shekhar Sharma additionally stepped down as chairman of Paytm Payments Bank because the embattled firm overhauled its board within the wake of a central financial institution clampdown.
The financial institution reconstituted its Board of Directors with the appointment of Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda. Ashok Kumar Garg, and Retd. IAS Rajni Sekhri Sibal. They have just lately joined as Independent Directors, Paytm stated in an alternate submitting.
The Reserve Bank of India earlier has requested Paytm Payments Bank to wind down its operations by March 15 attributable to persistent non-compliance and continued materials supervisory considerations, triggering a meltdown in Paytm’s inventory.
The motion towards Paytm Payments Bank adopted “serious supervisory concerns”, together with insufficient buyer establish and a scarcity of arm’s size distance with Paytm, based on studies.
