Vijay Shekhar Sharma has stepped down from his position as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL) on Monday, prompting the bank to restructure its board. The decision comes amid regulatory action by the Reserve Bank of India, which prohibited PPBL from accepting deposits and credits from customers after March 15 due to persistent non-compliances and supervisory concerns, particularly regarding customer identification and its relationship with Paytm.
Following Sharma’s resignation, PPBL revamped its board by appointing new members, including former officials from Central Bank of India, Bank of Baroda, and retired IAS officers, as independent directors. This move aligns with PPBL’s commitment to enhancing governance structures and operational standards, as stated by Paytm Payments Bank CEO Surinder Chawla. The company expressed its support for PPBL’s transition to a board composed solely of independent and executive directors, signaling a strategic shift in its leadership approach.
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