Vijay Shekhar Sharma resigns from Paytm payment’s bank

Paytm has announced the resignation of Vijay Shekhar Sharma, the founder and CEO, from his role as part-time non-executive chairman and board member of Paytm Payments Bank.

This decision comes as part of a broader restructuring of the bank’s board, which has seen the appointment of four new members.

The restructuring follows regulatory action by the RBI due to ongoing non-compliance issues. Paytm has filed the necessary disclosures with the stock exchanges regarding Sharma’s resignation and the reconstitution of the board.

Furthermore, Paytm has indicated that the process of selecting a new chairman for the payments bank is underway. The newly appointed members include former Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, Bank of Baroda’s former executive director Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal.

These appointments are aimed at strengthening the governance and operational standards of Paytm Payments Bank. Surinder Chawla, the managing director and CEO of the bank, expressed confidence in the expertise of the new members, emphasizing their role in enhancing compliance and best practices within the organization.