Paytm CEO Vijay Shekhar Sharma resigned as non-executive chairman and board member of Paytm Payments Bank. Paytm has been in trouble since a month now, starting from the regulatory challenges faced by the digital payments giant.
Due to persistent non-compliance and ongoing supervisory concerns, the Reserve Bank of India has prohibited Paytm from accepting deposits and credits from any customer after March 15.
One 97 Communications Ltd, the parent company of the fintech brand Paytm, announced on Monday that its associate bank, Paytm Payments Bank Limited, has restructured its Board of Directors.
Mr Sharma stated that his resignation and the appointment of independent directors were strategic steps to facilitate a smooth transition and bolster governance structures. Additionally, this move seeks to separate Paytm Payments Bank from its parent company, establishing it as an independent entity.
The regulatory hurdles faced by Paytm have impacted its stock value and caused a significant decline following the RBI’s directive. However, signs of recovery have emerged, attributed partly to Paytm’s collaborations with new banking entities and the RBI extending the deadline for winding down the payments bank’s operations.
Mr Sharma owns a 51 per cent stake in Paytm Payments Bank. He has transformed Paytm into India’s leading mobile-first financial services.
Talking about his education, then born in Aligarh, Uttar Pradesh in 1978 Sharma completed his degree from Delhi Technological University, in 1998.
Sharma established the mobile wallet Paytm in 2011 but in 2019 Sharma introduced Paytm Payments Bank with the goal of providing banking and financial services to 500 million underserved Indian customers.
#vijaysharma #vijay #paytm #paytmpaymentbank
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