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Sharma resigns from Paytm Bank board
Mint Mumbai
|February 27, 2024
Paytm founder Vijay Shekhar Sharma has stepped down as non-executive chairman of Paytm Payments Bank as the lender overhauls its board in the face of regulatory strictures.
Sharma stepped down to aid the payments bank in the transition, parent company One97 Communications Ltd said in a regulatory filing on Monday.
"Paytm Payments Bank Ltd (PPBL) has informed us that they will commence the process of appointing a new chairman," One97 said in the filing, adding that it has also withdrawn its nominee from the Paytm Payments Bank board.
Paytm has initiated several urgent measures afloat after the Reserve Bank of India barred its payments bank from accepting any customer deposits after 29 February citing repeated non-compliance with its rules. This deadline was later revised to 15 March.
This story is from the February 27, 2024 edition of Mint Mumbai.
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