Vijay Shekhar Sharma, the founder and majority owner of Paytm Payments Bank, has made the decision to step down from the board of the financial firm. This move comes shortly after the Indian regulator indicated continuity at Paytm, amidst recent challenges faced by the company.
Key Takeaway
Vijay Shekhar Sharma has resigned from the board of Paytm Payments Bank, which is undergoing significant changes in response to regulatory penalties imposed by the Indian central bank.
New Board Appointments
Paytm Payments Bank has announced the reconstitution of its board of directors, with the appointment of ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Shri Debendranath Sarangi, former executive director of Bank of Baroda Shri Ashok Kumar Garg, and Retd. IAS Smt Rajni Sekhri Sibal as independent directors.
Regulatory Penalties
The reconstitution of the board follows the imposition of severe business restrictions on Paytm Payments Bank by the Indian central bank. With most of the restrictions set to take effect on March 15, this development has significant implications for the future operations of the bank.
