Vijay Shekhar Sharma Resigns as Paytm Payments Bank Chairman
By Rediff Money Desk, NEWDELHI Feb 26, 2024 20:26
Vijay Shekhar Sharma has stepped down as Chairman of Paytm Payments Bank. The bank's board has been reconstituted following restrictions by the Reserve Bank of India.

Photograph: Anushree Fadnavis/Reuters
New Delhi, Feb 26 (PTI) Vijay Shekhar Sharma has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL), and the board of the bank has been reconstituted.
The Reserve Bank has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliances and continued material supervisory concerns in the bank.
PPBL has reconstituted its Board of Directors with the appointment of 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 said in a regulatory filing on Monday.
These persons had recently joined as Independent Directors, it said.
One 97 Communications Ltd (OCL) is the owner of the Paytm brand.
"The company has been separately informed that Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition. PPBL has informed us that they will commence the process of appointing a new Chairman," the filing said.
OCL supports PPBL's move of opting for a board with only independent and executive directors by removing its nominee, it added.
"PPBL's future business to be led by a reconstituted Board," the filing stated.
The Reserve Bank has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliances and continued material supervisory concerns in the bank.
PPBL has reconstituted its Board of Directors with the appointment of 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 said in a regulatory filing on Monday.
These persons had recently joined as Independent Directors, it said.
One 97 Communications Ltd (OCL) is the owner of the Paytm brand.
"The company has been separately informed that Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition. PPBL has informed us that they will commence the process of appointing a new Chairman," the filing said.
OCL supports PPBL's move of opting for a board with only independent and executive directors by removing its nominee, it added.
"PPBL's future business to be led by a reconstituted Board," the filing stated.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.52 ( -8.77)
- 55285518
- Vodafone Idea L
- 8.07 ( -2.42)
- 34584307
- G G Engineering
- 1.04 ( -1.89)
- 10071638
- Standard Capital
- 0.79 ( 0.00)
- 9971293
- YES Bank Ltd.
- 17.46 ( -1.19)
- 9343371
MORE NEWS

Infosys Postpones Trainee Assessments by a Week
Infosys has deferred internal assessments for trainees by a week amid recent layoffs of...

Noida Airport Partners with Kyndryl for Tech...
Noida International Airport has partnered with Kyndryl to manage its technology...
ASCI Flags 413 Offshore Betting Ads in 2025
The Advertising Standards Council of India (ASCI) flagged 413 offshore betting ads to...