Paytm Payments Bank Reconstitutes Board

One 97 Communications Ltd (OCL) has announced significant changes within its associate, Paytm Payments Bank (PPBL). The board of PPBL has undergone a comprehensive reconstitution, with the appointment of distinguished professionals to key positions.

Leading the charge is Srinivasan Sridhar, former Chairman of the Central Bank of India, whose illustrious career in banking spans over four decades. Currently serving as an Independent Director at Jubilant Pharmova, Shri Sridhar brings invaluable expertise from his tenure at prominent financial institutions such as the Export Import Bank of India and the National Housing Bank.

Joining him are retired IAS officer Debendranath Sarangi and retired IAS officer Smt Rajni Sekhri Sibal, both renowned for their extensive experience in public administration and corporate governance. Sarangi, a veteran of the Tamil Nadu cadre, serves as an Independent Director on multiple corporate boards, including Southern Petrochemical Industries Corporation and Voltas. Meanwhile, Sibal, of the Haryana cadre, boasts a distinguished career spanning 38 years, including serving as Secretary to the Government of India.

In a stock exchange filing on Monday, PPBL announced that its future business will be overseen by a reconstituted Board and confirmed plans to appoint a new Chairman. CEO Surinder Chawla highlighted the importance of the new board members' expertise in enhancing governance and operational standards.

The RBI's directive for PPBL to wind down operations by March 15 due to regulatory concerns led to a stock market downturn for Paytm.

Rounding out the appointments is Ashok Kumar Garg, a seasoned banking professional with 39 years of diverse experience. His tenure includes significant roles such as Whole Time Director at Bank of Baroda and Managing Director of Bank of Baroda subsidiaries in Uganda, Guyana, Trinidad, Tobago, and Kenya.

In addition to these esteemed appointees, the board also welcomes former Executive Director of Punjab and Sind Bank, Shri Arvind Kumar Jain, as an Independent Director, alongside Surinder Chawla, MD and CEO at Paytm Payments Bank.

Surinder Chawla, MD and CEO at Paytm Payments Bank, expressed enthusiasm for the new appointments, highlighting their collective expertise in enhancing governance structures and operational standards. He emphasised their pivotal role in steering PPBL toward regulatory compliance and best practices.

Srinivasan Sridhar, newly appointed Board Member, reiterated his commitment to leveraging his banking expertise to expand PPBL's range of compliant services, setting new standards in regulatory compliance.

Debendranath Sarangi, also a newly appointed Board Member, affirmed his dedication to upholding the highest standards of regulatory compliance and corporate governance, ensuring PPBL's journey towards operational excellence and strict adherence to regulatory guidelines.

With these esteemed individuals at the helm, PPBL is poised to strengthen its position as a leader in the banking sector, driving innovation, compliance, and customer satisfaction.