“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 owner of Paytm, said in a BSE filing on Tuesday.
Surinder Chawla has resigned as the MD and CEO of Paytm Payments Bank, effective June 26, according to a business release. On January 9 of last year, Chawla became a member of PPBL.
“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 owner of Paytm, said in a BSE filing on Tuesday.
It further said that, absent a change in agreement, he will be released from PPBL as of June 26, 2024, at the latest, at the close of business hours.
One97 Communications in the filing 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.”
According to the statement, the business is still working with banking partners to improve its UPI and merchant acquisition offerings.
Vijay Shekhar Sharma also resigned from his position as chairman of Paytm Payments Bank in February 2024, following a central bank crackdown that caused the troubled company to restructure its board.
The bank appointed retired IAS official Debendranath Sarangi, a former executive director of Bank of Baroda, and former chairman of the Central Bank of India Srinivasan Sridhar to the Board of Directors. Ashok Kumar Garg and Rajni Sekhri Sibal, the retired IAS. According to Paytm, they recently become Independent Directors in an exchange filing.
A stock market meltdown in Paytm resulted from the Reserve Bank of India’s earlier request that Paytm Payments Bank cease operations by March 15 owing to ongoing substantial supervisory issues and chronic non-compliance.
According to sources, the action against Paytm Payments Bank was taken in response to “serious supervisory concerns,” which included inadequate customer identification and a lack of arm’s length distance from Paytm.
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