Vijay Shekhar Sharma resigns as chairman of Paytm Payments Bank

One97 Communications, which is the parent company of fintech company Paytm, announced on Monday that founder Vijay Shekhar Sharma has resigned from the board of Paytm Payments Bank.

“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 company said in an exchange filing.

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Srinivasan Sridhar, former chairman of Central Bank of India, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal have joined the board as independent directors.

Beyond these, the board has former Executive Director of Punjab & Sind Bank Shri Arvind Kumar Jain as Independent Director and Surinder Chawla, MD & CEO at Paytm Payments Bank.

“We welcome the appointment of Shri Srinivasan Sridhar, Shri Debendranath Sarangi, Shri Ashok Kumar Garg, and Smt Rajni Sekhri Sibal to our Board, marking a significant step forward in PPBL's journey. Their distinguished expertise will be pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices,” said Surinder Chawla, MD & CEO at Paytm Payments Bank.

Shri Srinivasan Sridhar, Board Member, Paytm Payments Bank Board said, "I am dedicated to utilizing my extensive banking expertise to steer the bank towards expanding its range of compliant services. It is my goal to ensure that PPBL becomes a paragon of regulatory compliance, setting new standards in delivering exceptional value to the stakeholders, in strict adherence with regulatory frameworks and best practices."

Shri Sridhar has an illustrious career in banking spanning over 40 years. He is currently serving as the Independent Director at Jubilant Pharmova. He has held leadership positions at Export Import Bank of India, Central Bank of India and National Housing Bank.

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Shri Debendranath Sarangi, Board Member, Paytm Payments Bank said, "Assuming this expanded role at a critical juncture for PPBL, my dedication is firmly rooted in adhering to and exceeding the highest standards of regulatory compliance and corporate governance. I am wholly committed to applying my expertise to navigate PPBL towards a future characterized by operational excellence, ensuring strict compliance with regulatory guidelines and fostering a culture of best practices."

Sarangi is a retired IAS of Tamil Nadu cadre and is a veteran in public administration and corporate governance. He is currently serving as an Independent director on the boards of several companies including Southern Petrochemical Industries Corporation Limited and Voltas Ltd, among others.o r