Vijay Shekhar Sharma Steps Down From Paytm Payments Bank Board Amid Crisis

Vijay Shekhar Sharma has resigned as the part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL). This move comes as the Reserve Bank of India (RBI) has barred PPBL from accepting deposits and credits from customers beyond March 15 due to persistent non-compliances and supervisory concerns.

The board of PPBL has undergone restructuring in response to these regulatory challenges. Notably, the bank has appointed prominent figures to its Board of Directors, including 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.

According to a regulatory filing by Paytm, these individuals have been designated as Independent Directors, reflecting PPBL's commitment to governance and oversight. Additionally, Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank, facilitating the transition process.

One 97 Communications Ltd (OCL), the parent company of Paytm, has expressed support for PPBL's decision to reconstitute its board, emphasizing the importance of independent and executive leadership in steering the bank's future endeavors.

As PPBL prepares to navigate through these challenges, the focus remains on ensuring robust governance and strategic direction under the guidance of a restructured board. Stay tuned for further updates on this evolving story.