Paytm Founder Vijay Shekha Sharma Resigns

Paytm founder Vijay Shekhar Sharma resigned as non-executive chairman and board member of its payments bank's unit, while the bank reconstituted its board of directors with ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal.

Feb 27, 2024 - 21:19
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Paytm Founder Vijay Shekha Sharma Resigns

Paytm founder Vijay Shekhar Sharma resigned as non-executive chairman and board member of its payments bank's unit, while the bank reconstituted its board of directors with ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal.

Paytm Payments Bank has announced that Vijay Shekhar Sharma has resigned from its board to facilitate the transition. Sharma owns a 51% stake in the bank, while the rest is owned by One 97 Communications. The new board members will guide Paytm towards enhancing governance structures and operational standards, enhancing compliance and best practices.

The decision comes amid the RBI's crackdown on the bank over non-compliance and supervisory concerns. The regulator had ordered the bank to stop its banking activities after February 29 and later extended the deadline to March 15. The RBI has called for further supervisory action.

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