Vijay Shekhar Sharma quits as Paytm Payments Bank Chairman

Paytm founder Vijay Shekhar Sharma on Monday resigned as Paytm Payments Bank Chairman ahead of March 15 deadline set by the Reserve Bank of India (RBI) to accept further credits into its customer accounts. Additionally, One 97 Communications Ltd (OCL), the parent firm of Paytm, also announced that Paytm Payments Bank Limited (PPBL) has reconstituted its board.Vijay Shekhar Sharma was the part-time non-executive Chairman of Paytm Payments Bank Limited.
Srinivasan Sridhar, former chairman of state-owned Central Bank of India, former Bank of Baroda Executive Director Ashok Kumar Garg and two retired Indian Administrative Service officers will join the board, Paytm said in an exchange filing.The new board members' expertise will be "pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices", Paytm Payments Bank CEO Surinder Chawla said.
Paytm supports its banking unit's move of opting for a board with only independent and executive directors by removing its nominee, it said, adding Sharma was also stepping down from the board to "enable the transition".Sharma owns a 51 per cent stake in Paytm Payments Bank, while One 97 Communications, as Paytm is formally known, owns the rest.Last month, in a regulatory action the central bank barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29 - a deadline that was later extended to March 15.