Paytm’s Vijay Shekhar Sharma steps down as Paytm Bank’s non-executive chairman and board member
Vijay Shekhar Sharma's resignation comes ahead of the March 15 deadline by Reserve Bank of India (RBI), for restrictions on deposits and credit transactions by Paytm Payments Bank.
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Vijay Shekhar Sharma, founder of One97 Communications, parent company of fintech establishment Paytm, resigned as the non-executive chairman and board member of the firm’s banking arm Paytm Bank. This is part of reconstituting the Board of the payments bank, the company said. OCL owns the Paytm brand, stated Moneycontrol.
Srinivasan Sridhar, Central Bank of India’s former chairman, Debendranath Sarangi, retired IAS officer, Ashok Kumar Garg, former executive director of Bank of Baroda, and Rajni Sekhri Sibal, retired IAS joined the fintech company’s board as independent directors, highlighted an ET report. Apart from them, the Board will include former executive director of Punjab & Sind Bank Arvind Kumar Jain as independent director and Surinder Chawla, MD & CEO at Paytm Payments Bank.
On January 31, the Reserve Bank of India (RBI) clamped down on the operations of Paytm Payments Bank, and gave the deadline of February 29, where post that Paytm Payments Bank would be restricted from accepting deposits, top-ups, or extending credit services.
The FAQs released by RBI have extended the deadline to March 15 for restrictions on deposits and credit transactions. It has been clarified that merchants can accept payments via Paytm QR code, soundbox, or PoS terminal even post March 15. This is possible if the transfer of funds is linked to any other bank apart from Paytm Payments Bank.
