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Vijay Shekhar Sharma Steps Down as Chairman of Paytm Payments Bank Amid Regulatory Scrutiny

Paytm Crisis: Paytm Payments Bank Ltd. Vijay Shekhar Sharma has resigned from the post of non-executive chairman of (PPBL). With this, the Board of Directors of PPBL has been reorganized. The company has given this information to the stock exchange. Let us tell you that the Reserve Bank of India (RBI) has fined Paytm Payments Bank Ltd for not complying with the rules. (Paytm Payments Bank Ltd) has been barred from accepting any new deposits or ‘top up’ from customers after March 15.

Formation of new board of Paytm Payments Bank

Paytm said in a stock exchange filing on Monday that PPBL has approved 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. Has also reorganized its board of directors. It said that all of them have recently joined as independent directors. Apart from these, the board also includes former executive director of Punjab and Sindh Bank, Arvind Kumar Jain, independent director and MD and CEO of Paytm Payments Bank. Surinder Chawla.The Paytm brand is owned by One 97 Communications Ltd. (OCL) has. The company has said in a separate information, Vijay Shekhar Sharma has also resigned from the Board of Directors of Paytm Payments Bank (PPBL) regarding this change. PPBL has informed that it will start the process of appointing a new chairman. According to the information, the future business of PPBL will be overseen by the reconstituted Board of Directors.

Paytm Share Price

Paytm Share Price hit upper circuit of 5 percent on 26 February. Paytm has hit upper circuit 6 times in the last 7 trading sessions. Paytm shares closed at 427.95, up 5 percent on BSE.


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