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  1. Vijay Shekhar Sharma resigns from Paytm Payments Bank board

Vijay Shekhar Sharma resigns from Paytm Payments Bank board

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2 min read • Updated: February 28, 2024, 11:10 AM

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This decision comes as part of the digital payments company's efforts to revamp its board following regulatory scrutiny from the RBI.

Vijay Shekhar Sharma owns a 51 per cent stake in Paytm Payments Bank

Vijay Shekhar Sharma has resigned as non-executive chairman and board member of Paytm Payments Bank, One 97 Communications, the parent company of Paytm, said on Monday in an exchange filing.

The statement said, "One 97 Communications Ltd (OCL) would like to update that its associate, Paytm Payments Bank Limited (PPBL), has reconstituted its Board of Directors with the appointment of ex-Central Bank of India chairman Shri Srinivasan Sridhar, retired IAS officer Shri Debendranath Sarangi, former executive director of Bank of Baroda Shri Ashok Kumar Garg, and Retd. IAS Smt Rajni Sekhri Sibal. They have recently joined as independent directors."

The filing further said, "OCL supports PPBL’s move of opting for a board with only independent and executive directors by removing its nominee. 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 move comes after the Reserve Bank of India (RBI) told the payments bank to stop receiving deposits by March 15 due to persistent non-compliance and continued material supervisory concerns, triggering a meltdown in Paytm's stocks. Sharma owns a 51% stake in Paytm Payments Bank.