Paytm: Vijay Shekhar Sharma, the founder of Paytm Payments Bank, has resigned as chairman, over a month after the Reserve Bank of India (RBI) took action. In addition, Bhavesh Gupta, the parent firm One97 Communications’ nominee director, has left the board.
Continued Leadership in Other Arenas
With his resignation, Vijay Shekhar Sharma’s seven-year tenure as a fintech entrepreneur in the banking industry comes to an end. He will still be in charge of the One97 Communications app and the Paytm brand, though. In 2017, Paytm Payments Bank was founded. The board of directors of Paytm Payments Bank (PPBL) has been reconfigured. The recently formed board will be in charge of PPBL’s future operations.
Notable Addition to the Board
Former Central Bank of India Chairman Srinivasan Sridhar has been appointed to the board of directors of Paytm Payments Bank Limited (PPBL). The newly established board comprises retired IAS officer Rajni Sekhri Sibal, retired IAS officer Debendranath Sarangi, and former executive director of Bank of Baroda Ashok Kumar Garg.
He recently become an independent director of the bank. Arvind Kumar Jain, a former ED of Punjab & Sind Bank, is an independent director on the remaining board. Surinder Chawla is the MD and CEO of Paytm Payments Bank.
Awaiting Leadership Revelation
Paytm’s new chairman has not yet been revealed. A new chairman of Paytm Payments Bank will be named soon. Presently, One97 Communications owns the remaining shares of Paytm Payments Bank, with Vijay Shekhar Sharma owning 51% of the company. Paytm’s stock increased by 5% on Monday in response to a Goldman Sachs study.
With 39 years of banking expertise, new board member Ashok Kumar Garg oversaw Bank of Baroda’s US operations in New York before joining the company. In Uganda, he served as the MD of Bank of Baroda. Sarangi is a director on the boards of Voltas and Southern Petrochemical Industries, acting as an independent.
