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 ...