Vijay Shekhar Sharma has stepped down as chairman of Paytm Payments Bank after the financial institution reconstituted the board.
According to the One 97 Communications Ltd (OCL), the mum or dad agency of Paytm mentioned that Vijay Shekhar Sharma has stepped down as part-time non-executive chairman and board member to allow the transition.
The improvement has come after the Reserve Bank of India (RBI) requested National Payments Corporation of India (NPCI) to look at use of UPI channel to permit Paytm App to proceed operations and facilitate migration of @paytm handles to 4-5 banks.
Last month, the RBI barred Paytm Payments Bank Ltd (PPBL) from additional deposits or credit score transactions or prime ups in any buyer accounts, pay as you go devices, wallets, FASTags, NCMC playing cards, and many others., aside from any curiosity, cashbacks, or refunds which can be credited anytime.
RBI’s motion towards Paytm was taken after a Comprehensive System Audit report and subsequent compliance validation report of the exterior auditors revealed persistent non-compliances and continued materials supervisory issues within the financial institution, warranting additional supervisory motion.
The Nodal Accounts of One97 Communications Ltd and Paytm Payments Services Ltd. are to be terminated on the earliest, in line with the order.
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