Vijay Shekhar Sharma Steps Down From Paytm Payments Bank Board
Due to ongoing substantial supervisory concerns and continuous non-compliance, the Reserve Bank of India has instructed the banking subsidiary to cease operations by March 15.
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Vijay Shekhar Sharma, the non-executive chairman and board member of Paytm's payments bank, announced his resignation on Monday, February 26. The troubled digital payments startup is reorganising its board in response to a central bank crackdown. According to reports, the move against Paytm Payments Bank was taken in response to "serious supervisory concerns" pertaining to poor client identification and a lack of arms-length distance from Paytm. Due to ongoing substantial supervisory concerns and continuous non-compliance, the Reserve Bank of India has instructed the banking subsidiary to cease operations by March 15. This has caused a sharp decline in Paytm's stock price. Paytm CEO Vijay Shekhar Sharma Addresses Employees Amid Going RBI’s Restriction on Paytm Payment Banks Saying ‘There Will Be No Layoffs’ and ’Don’t Know What Went Wrong'.
Vijay Shekhar Sharma Steps Down From Paytm Payments Bank Board
Vijay Shekhar Sharma steps down as chairman of Paytm Payments Bank; bank reconstitutes board: Regulatory filing
— Press Trust of India (@PTI_News) February 26, 2024
Vijay Shekhar Sharma steps down from Paytm Payments Bank board. New chairman to be appointed soon
https://t.co/39WBeR1LSo via @moneycontrolcom
— Chandra R. Srikanth (@chandrarsrikant) February 26, 2024
(The above story first appeared on LatestLY on Feb 26, 2024 08:55 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
