Paytm Payments Bank CEO Surinder Chawla resigns
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Paytm Payments Bank: Surinder Chawla, managing director and chief executive officer (CEO) of troubled payments company Paytm Payments Bank, has resigned. Chawla has resigned at a time when Paytm Payments Bank Limited (PPBL) is facing strict action from the Reserve Bank of India (RBI). One97 Communications, the company that operates the Paytm brand, informed the stock market about this resignation on Tuesday. The company said, “Chawla resigned on April 8, 2024 for personal reasons and to explore better career opportunities.” He will be relieved from PPBL after working hours on June 26, unless there is a change by mutual consent.
Surinder was associated with PPBL last year
Chawla had joined PPBL only in January last year. But due to repeated violations of regulatory standards during his tenure, PPBL recently came under the strict instructions of RBI. RBI had said in its order on January 31 that PPBL should not accept deposits or top-up in any customer account, wallet, Fastag and other devices after February 29. Later this deadline was extended till March 15. Following the strictness of the Reserve Bank, Paytm promoter Vijay Shekhar Sharma stepped down as part-time non-executive chairman of PPBL last month and the bank’s board of directors was reconstituted.
OCL has 49 percent stake in PPBL
One97 Communications Limited (OCL) holds 49 percent stake in PPBL. However, Paytm calls PPBL its subsidiary. Paytm said that almost all the agreements between OCL and PPBL have been terminated on March 1, 2024. Apart from this, the company is continuing to collaborate with banking partners to enhance merchant engagement and UPI services.
National Payments Corporation of India (NPCI) on Thursday approved OCL to participate in UPI as a third-party application provider (TPAP) under the multi-bank model. Axis Bank, HDFC Bank, State Bank of India and Yes Bank Payment System Providers (PSPs) will act as banks for Paytm.
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