News Brief
Vijay Shekhar Sharma Resigns As Chairman Of Paytm Payments Bank Amid RBI Action - All About It
Paytm founder and CEO Vijay Shekhar Sharma (File Photo) (Ramesh Pathania/Mint via Getty Images)
Paytm CEO Vijay Shekhar Sharma has Stepped down as the Non-Executive chairman and board member of Paytm Payments Bank on Monday (27 February).
The decision comes in the wake of ongoing regulatory issues confronting the digital payments giant.
As reported earlier, the reserve bank of India (RBI) had imposed several measures on Paytm payments bank, including an order to wind down operations by 15 march due to compliance issues and supervisory concerns.
As a result, Paytm Payments Bank underwent a major board overhaul, with new independent and executive directors joining.
Paytm's restructuring of the board is seen as an effort to demonstrate compliance with regulatory norms.
Vijay Sharma, who owns a 51 per cent stake in Paytm Payments Bank, cited strategic reasons for his resignation and the appointment of independent directors.
The move is intended to facilitate a smooth transition and enhance governance structures, while also positioning Paytm as an independent entity from its payments bank unit.
Meanwhile, the regulatory challenges have impacted Paytm's stock value, but recent partnerships with new banking entities and an extension of the deadline for winding down operations have led to some recovery.
Recently, Finance Minister Nirmala Sitharaman convened a meeting with fintech industry representatives to discuss regulatory concerns.
However, the developments at Paytm payments bank were not specifically addressed during this meeting.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
