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Paytm Payments Bank Revamps Board with Banking and Administrative Experts

27 Feb 2024 , 12:34 PM

Paytm Payments Bank Limited (PPBL) announced a revamped Board of Directors on February 26. Key appointments include Srinivasan Sridhar, Ex-Central Bank of India Chairman; Debendranath Sarangi, IAS (Retd); Ashok Kumar Garg, former Executive Director of Bank of Baroda; and Rajni Sekhri Sibal, IAS (Retd) as Independent Directors.

Changes follow the withdrawal of One 97 Communications Ltd's nominee and the resignation of Vijay Shekhar Sharma from his role as Part-Time non-executive Chairman and Board member.

The new Board aims to guide PPBL's future business with leaders having diverse experiences in banking, administration, and corporate governance.

Additional Directors include Arvind Kumar Jain, former ED of Punjab & Sind Bank, as an Independent Director, and Surinder Chawla, the MD & CEO at Paytm Payments Bank. PPBL faced business limitations imposed by the RBI on January 31, including a ban on new deposits and credit transactions, extended to March 15 on February 16.

One97 Communication has approached the National Payments Corporation of India (NPCI) to serve as a Third-Party Application Provider (TPAP) for the UPI channel, ensuring the continuity of the Paytm UPI app.

For feedback and suggestions, write to us at editorial@iifl.com

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