The PPBL chairman, Vijay Shekhar Sharma, resigns, and the bank's board is reorganized.

Paytm Payments Bank Board Reorganization

New Delhi, Feb. 26 (PTI): Paytm Payments Bank Board Reorganization

The board of Paytm Payments Bank Limited (PPBL) has been reorganized following the resignation of Vijay Shekhar Sharma as the bank's part-time non-executive chairman.

Since March 15, the Reserve Bank has prohibited the PPBL from receiving deposits or credits from any client due to the bank's ongoing serious supervisory issues and chronic non-compliances.

Paytm Payments Bank Board Reorganization

Paytm said in a regulatory filing on Monday that PPBL had reconstituted its Board of Directors with the appointment of former Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Bank of Baroda Executive Director Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal. It stated that these individuals had just become Independent Directors.

The Paytm brand is owned by One 97 Communications Ltd (OCL).

"In order to facilitate this transition, Vijay Shekhar Sharma has also resigned from the Paytm Payments Bank Board, the company has been told separately. The filing stated, "PPBL has notified us that they will begin the process of appointing a new Chairman."

It further stated that OCL concurs with PPBL's decision to remove its nomination in favor of a board composed only of independent and executive directors.

The petition said, "PPBL's future business to be led by a reconstituted Board."

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