Paytm’s Surinder Chawla Steps Down as CEO of Payments Bank
A month, after Paytm’s basic services were restricted under instructions from the Reserve Bank of India (RBI), Paytm Payments Bank managing director and chief executive officer Surinder Chawla, resigned from his post on Monday. The parent company of Paytm One97 Communications informed about the same to stock exchanges on Tuesday. Paytm Payments Bank Ltd’s (PPBL) services were disrupted from March 15, 2024, and the parent company also informed that all relations with PPBL have been stopped by Paytm. The new board of PPBL has been re-established with five independent directors along with an independent chairman after Vijay Shekhar Sharma stepped down from his existing position as Part-Time non-executive chairman and Board member on February 26.
In his resignation on Monday, Chawla cited that he backed off due to personal reasons and that he wanted to pursue “better career prospects.” He joined Paytm on January 9 of last year and would be relieved from his duties on the business hours of June 26, 2024. Before joining the company, Chawla was earlier a part of RBL Bank, serving as the corporation’s head of branch banking. The company hasn’t announced anyone who would be serving as the successor to Surinder Chawla’s position.
India’s central bank RBI on January 31, 2024, had asked PPBL to halt all of its operations by March 15 as a consequence of the invariant supervisory concerns and compliance issues instigating a downfall in Paytm’s stock price. This step included a stop to the acceptance of fresh deposits and allowing credit transactions after February 29. On March 14, the country’s payment corporation NPCI granted permission to One97 Communications to participate in a unified payments interface (UPI) as a third-party application provider; and so Axis Bank, HDFC Bank, State Bank of India, and Yes Bank act as payment system provider banks to Paytm.
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