Vijay Shekhar Sharma founder of Paytm, has taken a significant step by resigning as the non-executive chairman of Paytm Payments Bank Limited (PPBL). This decision comes as part of a larger restructuring effort driven by regulatory challenges faced by the digital payments giant.
The Reserve Bank of India (RBI) has directed PPBL to wind down its operations by March 15 due to persistent compliance issues and supervisory concerns. In response, PPBL’s board of directors has been reconstituted with the appointment of new members, including Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal. These individuals bring invaluable expertise to navigate PPBL through this challenging period.
Vijay Shekhar Sharma’s resignation as the non-executive chairman is a strategic move aimed at facilitating a smooth transition and enhancing governance structures within PPBL. By stepping down, Sharma demonstrates his commitment to ensuring the company’s stability and success amidst regulatory scrutiny.
The restructuring of PPBL’s board underscores the company’s determination to address compliance issues and strengthen its regulatory framework. With a renewed emphasis on governance and oversight, PPBL aims to rebuild trust with regulators and stakeholders while upholding the highest standards of integrity.
Despite the regulatory hurdles, Paytm remains a pioneering force in India’s digital payments landscape, with a vast user base and innovative financial services. The company remains steadfast in its commitment to innovation and customer-centricity, driving financial inclusion and empowerment across the nation.
